Monsoon rainfall was 13% below normal (4th worst since 2001), oil prices are stuck above $100/barrel, and the BoP deficit ballooned to $23.6 billion. Yet, the party’s still on. Why? Because the government’s quietly covering up inflation pains; subsidizing fuel, using forex swaps to prop up the rupee. But central banks don’t fix supply shocks… they manage demand. And that’s where RBI’s MPC must act. As one deputy governor admitted: growth is strong, but risks are real. The US Fed, ECB, and BoJ all raised rates; not because things are broken, but because they’re trying to keep them from breaking. India can’t keep borrowing time. It’s time to raise rates; not to kill growth, but to protect it. Because when the punch bowl’s still full while the house is on fire? That’s when the chaperone must step in. Even if no one wants to hear it.