This document is the February 2022 issue of the Reserve Bank of India's monthly bulletin. It features the Monetary Policy Statement, a speech, and four articles. These articles cover the state of the Indian economy, the impact of 'zombie firms' on monetary policy, lessons from 'bad banks' for India, and the effect of COVID-19 on Indian manufacturers' sentiments. This bulletin is useful for economists, policymakers, and anyone interested in India's economic landscape.