The Reserve Bank of India on Thursday said that Indian economy needs to brace up for a difficult year from a macroeconomic perspective. In its annual report for 2010-2011, RBI stated that with weak supply response, inflation remains an important macroeconomic challenge for the country.Stating that the growth is likely to remain at 8 per cent in 2011-12, lower than 8.5 per cent projected in the previous fiscal, RBI said that if the global financial condition deteriorates, it could further lower the growth projections in the current fiscal.The report also said that the inflation is likely to remain high and moderate only towards latter part of the year by March 2012 to about 7 per cent. The report said that international commodity prices, including crude oil, have weakened since July-end on account of deterioration in global growth environment. However, it stated that the decline has not been very significant. The report said that in the event of the global recovery weakening, commodity prices may decline further, which should have a salutary impact on domestic inflation.