Fitch, a global ratings agency, forecasts India’s fiscal deficit to reach 5.4% of GDP in FY25, surpassing the government’s target of 5.1% announced by Finance Minister Nirmala Sitharaman. The agency views the government’s adjustment of the FY24 deficit target to 5.8% from 5.9% as modest. Achieving the FY25 target is seen as critical for reaching the goal of a 4.5% deficit in FY26. However, Fitch believes this target might be challenging due to potential setbacks, particularly from increased spending before general elections.
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