India’s fiscal deficit to fall 19 bps below target: Ind-Ra

India's fiscal deficit is projected at 4.75% of GDP in 2024-25, 19 basis points lower than budgeted, due to fiscal discipline and slower economic activity. The government remains on track to achieve the 4.5% target in 2025-26. Higher tax revenues and lower capital expenditure contribute to this positive outlook, despite some underperformance in non-tax revenues and disinvestment.