Fiscal Deficit

States' fiscal arithmetic tightens in FY27; deficit seen at 3% of GDP

Ind-Ra expects states' fiscal deficit to widen to 3% of GDP in FY27 due to higher revenue spending, with SASCI-linked borrowing potentially lifting it to 3.5% of GDP

Phase out universal subsidies, target benefits better: ADB-PwC study

ADB-PwC study urges India to phase out universal subsidies, tighten Aadhaar-linked targeting and audits, and improve fiscal efficiency without hurting stability

UP govt tables ₹9.12 trillion annual Budget with a 12.9% yearly increase

Uttar Pradesh's ₹9.12 trillion FY27 Budget ramps up infrastructure and capex, keeps the fiscal deficit below 3%, and pitches the state as India's next growth engine

FM Sitharaman shows adequate caution in drawing up a conservative Budget

It is useful to remember that the miracle economies to our East, the so-called Asian Tigers, sustained high growth for decades by following prudent fiscal policies

Fiscal policy planning: Why India needs a clearer medium-term plan

India's fiscal discipline has improved, but high debt, future spending pressures and bond-market constraints make deeper consolidation increasingly difficult

Centre must push prudent state spending to improve general-govt debt levels

Centre must encourage prudent spending by state governments to improve general-government debt levels

India's trade deals are a win, but fiscal vulnerabilities are also growing

India weathered the Trump tariff shock better than expected, but high public debt and slower fiscal consolidation pose risks even as trade deals lift growth and investor sentiment

Direct fertiliser subsidy transfer very much on table: Expenditure secy

On Agri Stack, Expenditure Secy V Vualnam says it's progressing well; using IT, farmers will be able to choose exact fertiliser quantities needed, reducing crowding at fertiliser outlets

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 2026-27: Inside the fiscal consolidation numbers and open questions

The Budget has largely eschewed political populism, even as several states are to go for Assembly elections in the coming months

16th Finance Commission retains 41% devolution, introduces GDP criterion

the 16th Finance Commission kept tax devolution at 41%, added GDP contribution as a new criterion, dropped revenue deficit grants, and pushed states towards stronger fiscal discipline

Budget 2026 raises FY27 capex 11.5% to ₹12 trillion, eyes infra growth

Union Budget 2026-27 raises capital expenditure to ₹12.2 trn, reinforcing the govt's infrastructure-led growth strategy, even as spending in the current fiscal is expected to fall short of estimates

Budget 2026: Industrial policy takes centre stage, deeper fixes pending

And bigger problems await from policy bottlenecks that the Budget has left untouched

Union Budget 2026-27: Govt borrowing challenge passed on to RBI

Budget FY27 signals deeper banking reforms, possible PSB consolidation and higher borrowing, shifting the onus to RBI to manage yields and liquidity

Budget may make India an investment-led and export-capable economy

The organising idea is clear: India is no longer trying to grow fast; it is trying to grow well

Budget 2026 conservative, focuses on fiscal stability: BofA Securities

BofA Securities said the modest fiscal consolidation rests on "very realistic" revenue and expenditure assumptions, adding to the credibility of the Ministry of Finance

Budget 2026: Onus of executing incremental capex shifting towards states

Aditi Nayar analyses the Budget's fiscal prudence, higher public capex via states, a 4.3 per cent deficit target, debt consolidation, and the impact of higher gross borrowings on bond yields

Budget 2026 'tactical', not a 'breakthrough', says Moody's Ratings

The economy is seen growing at 7.4 per cent in ‌the current financial year, with ​inflation likely to be near 2 per cent

Budget 2026 keeps fiscal discipline intact; bond market faces supply stress

The tough position that the bond market finds itself reflects a much more fundamental issue, of rising government bond supply chasing limited domestic savings pool

Budget 2026 aims to reduce fiscal deficit, boost capex and growth: PM Modi

PM Modi says Union Budget 2026 focuses on fiscal discipline, inflation control and high capital spending, while backing reforms, MSMEs and tourism to drive growth and achieving 'Viksit Bharat' goals