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Fiscal Policy
What is Fiscal Policy
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Latest Updates on Fiscal Policy
We framed this Budget on a larger plank, not based on any one incident: FM
The India-US trade deal, had it come a little earlier, would not have made the Union Budget any different, Finance Minister Nirmala Sitharaman said
 "We framed this Budget on a larger plank, not based on any one incident: FM")
Budget 2026 ready reckoner: Fiscal policy change amid global headwinds
To hold the fiscal deficit at 4.4% of GDP, the Centre trims spending and shifts to a debt-anchored framework for greater policy flexibility amid global risks
 "Budget 2026 ready reckoner: Fiscal policy change amid global headwinds")
Budget at a glance: Here're the key numbers from Union Budget 2026
Key figures on revenue, expenditure, fiscal deficit and market borrowings from the Union Budget
 "Budget at a glance: Here're the key numbers from Union Budget 2026")
Debt, deficits, growth: Why state discipline matters for fiscal health
While markets focus on the Centre's consolidation, state fiscal discipline and strong growth will be crucial to medium-term fiscal sustainability
 "Debt, deficits, growth: Why state discipline matters for fiscal health")
This Budget will see many firsts, but future Budgets need a different mould
Budget 2026-27 breaks new ground, but delayed GDP rebasing and continued fiscal secrecy risk undermining its numbers within weeks
 "This Budget will see many firsts, but future Budgets need a different mould")
Centre may set 54.5-55% debt-to-GDP goal for FY27 in Union Budget
While future Budgets will continue to specify annual fiscal deficit numbers, these will now be derived from the debt target rather than serving as the primary target
 "Centre may set 54.5-55% debt-to-GDP goal for FY27 in Union Budget")
States pause spending as they await 16th Finance Commission's payouts
Most states have reduced their market borrowings, and raised less-than-projected amounts via state government securities, pushing up yields for short-term papers that the Centre typically uses
 "States pause spending as they await 16th Finance Commission's payouts")
Fiscal, monetary measures to boost pvt investment, growth: RBI bulletin
The Indian economy showed signs of a further pick-up in momentum, despite continuing global headwinds, said an article on 'State of the Economy' published in the November bulletin
 "Fiscal, monetary measures to boost pvt investment, growth: RBI bulletin")
Why the South keeps pulling ahead: Growth, demographics and development
Beyond the increasing complaints about their falling share of central tax revenues, the experience of southern states holds a lesson for the poorer regions wishing to bridge the gap
 "Why the South keeps pulling ahead: Growth, demographics and development")
Electoral freebies underpin growing drift in states' fiscal discipline
The deepening fault line of sub-national fiscal drift beneath India's political economy is now hard to ignore
 "Electoral freebies underpin growing drift in states' fiscal discipline")
India's Apr-Aug fiscal deficit widens to ₹5.98 tn, 38.1% of FY26 target
Net tax receipts stood at ₹8.1 trillion, down from ₹8.7 trillion in the same period last year, while non-tax revenue rose to ₹4.4 trillion from ₹3.3 trillion a year ago
 "India's Apr-Aug fiscal deficit widens to ₹5.98 tn, 38.1% of FY26 target")
America stays unique: Why it's dangerous to learn lessons from the US
The US has a particular, almost unique, history of racial oppression on its own territory
 "America stays unique: Why it's dangerous to learn lessons from the US")
Economic matters should transcend political divides: Nirmala Sitharaman
BS Manthan: Union Finance Minister Nirmala Sitharaman described the ongoing global turbulence as a "splashing" of forces, urging India to actively participate rather than remain a bystander
 "Economic matters should transcend political divides: Nirmala Sitharaman")
State debt dynamics: Strict fiscal rules needed to reverse disparities
The RBI's frequent intervention to cap spreads in bond markets of heavily indebted states also leads to market indiscipline
 "State debt dynamics: Strict fiscal rules needed to reverse disparities")
NITI Aayog's fiscal health index needs clarity and better data use
Despite fact that Constitution assigns states predominant role in provision of social services and co-equal responsibility in economic services, their fiscal performance has not received much focus
 "NITI Aayog's fiscal health index needs clarity and better data use")
NCAER paper recommends states to create independent fiscal councils
Several bodies in the past had recommended a fiscal council for the central government
 "NCAER paper recommends states to create independent fiscal councils")
Economic Survey 2024-25: Key highlights and challenges the CEA presents
India's economy is expected to grow between 6.3 per cent and 6.8 per cent in FY26. Chief Economic Adviser believes India is on a steady growth path while globalisation is slowing down
 "Economic Survey 2024-25: Key highlights and challenges the CEA presents")
Fiscal-monetary coordination at its best in last six years: Shaktikanta Das
Reserve Bank Governor Shaktikanta Das, in a series of posts on X, on his last day of his six-year term as RBI Governor, also thanked the Finance Minister, various stakeholders and his colleagues
 "Fiscal-monetary coordination at its best in last six years: Shaktikanta Das")
India's GDP growth loses momentum: What's behind the urban spending freeze?
India's swelling urban middle class has been the engine of its growth for far longer than government capex has
 "India's GDP growth loses momentum: What's behind the urban spending freeze?")
Widening cracks in state finances: Revenue deficits risk fiscal stability
These state-specific fiscal vulnerabilities need appropriate policy considerations to enable sustainable fiscal recovery and innovative ways to augment the revenue space
 "Widening cracks in state finances: Revenue deficits risk fiscal stability")