Despite income tax cuts, India on track for fiscal consolidation: S&P Global Ratings
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Finance minister Nirmala Sitharaman on Saturday announced zero tax on income of up to Rs 12 lakh. The union government will forego a revenue of Rs 1 lakh cr because of this cut.
The rating agency anticipates that India will meet its deficit targets despite revenue losses from raising the minimum taxable income threshold and slower economic growth.
The Union Budget for fiscal 2025 has projected a lower fiscal deficit of 4.8 per cent of GDP, down from the earlier estimate of 4.9 per cent for the current fiscal. For FY26, the government has set a target of 4.4 per cent, aligning with S&P's expectations.
S&P noted that India's strategy for managing fiscal health includes large dividends from the Reserve Bank of India (RBI) and potential capital underspending.
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