This document is the March 2022 issue of the Reserve Bank of India's monthly bulletin. It includes two speeches and five articles covering the state of the economy, an analysis of the Union Budget 2022-23, green transition risks for Indian banks, decoding fair value hierarchy in NBFC financial statements, and an examination of herding behaviour in the Indian stock market. It also provides current statistics. This bulletin is useful for economists, financial analysts, bankers, and anyone interested in India's economic landscape.