The portents from the global economy are not good.
While the United States has averted its "fiscal cliff" for now, growth in that economy is projected to decelerate and its demand for exports from countries like India will also remain dampened.
The European economic crisis still festers, and the various temporary policy bandaids that have been used to address it have brought it no closer to ultimate resolution. Most countries in the eurozone continue to be in recession, which in turn exercises a negative effect on global trade.
China's ability to take up the slack in world trade is limited, especially given the strong relationship its imports bear to its processed exports.
So global trade - and with it, India's ability to increase exports - will remain weak and may even deteriorate further.
Global finance is jittery and its behaviour is therefore volatile and uncertain, much as it was in 2008 before the Lehmann Brothers closure brought on the US financial panic.