Following are the six positive signs, according to Morgan Stanley analysts Chetan Ahya and Upasana Chachra:

* Exports growth accelerated to 7% year-on-year in March vs. 4.2% in Feb.

* Private projects under implementation picked up a bit in QE March; public sector projects remained steady.

* WPI inflation decelerated to a 40-month low of below 6% in Mar. CPI inflation decelerated marginally, to 10.4%, in Mar, but remains high.

* 12-month trailing fiscal deficit has shown improving trend since Sep-12.

* Banking sector liquidity conditions have improved on seasonal factors in April.

* Global oil prices declined significantly. In rupee terms, oil prices are down 12% in 2013.