This document is the May 2022 issue of the Reserve Bank of India's monthly Bulletin. It features the Monetary Policy Statement, a resolution from the Monetary Policy Committee, and four in-depth articles. These articles cover the State of the Indian Economy, financial stocks and flows for 2019-20, growth-maximising external debt levels for India, and irrigation management for sustainable agriculture. It's a valuable resource for economists, policymakers, and anyone interested in India's economic landscape.