Amid wholesale price-based inflation ticking up to 7.5 per cent year-on-year in May due to supply-side factors, the agency said it will cause further "headaches" at the RBI.
The Indian economy has bottomed out and the recovery is on the anvil although the days of 8 per cent growth are "gone", Moody's Analytics said.
Externally, the global economy is stabilising, with better growth is expected this year.
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