The Indian economy was all set to turn the corner at the beginning of 2022. Despite the Omicron wave, unemployment at 6.6 percent in January was the lowest in 10 months. Inflation at 6 percent was just at the upper end of the RBI’s target band. But the global economy received an unexpected jolt with Russia invading Ukraine in February. As global oil prices surged, inflation in India shot up to an 8-year high of 7.8 percent in April. With the unemployment rate also clocking 7.8 percent in April, stagflation whispers grew louder. How serious is the risk of stagflation? What are the prospects for the Indian economy in the short and long-run? Let us start with the ‘misery index’.