Interestingly, the projections for gross domestic product (GDP) and inflation have undergone some revisions considering the new information in the intervening period. Upward revisions in GDP have happened in Q1FY24, with marginal downward revisions in the second half with FY24 GDP retained at 6.5 per cent. Inflation projection for FY24 has undergone marginal downward revision from 5.2 per cent to 5.1 per cent. The inflation trajectory is now conditional on spatial variation of monsoons and possible development to El Niño. Domestic wheat prices could see some correction on robust mandi arrivals and procurement under the shadow of a possible sharp drop in output in Australia.