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Strong revenues to support capex, fiscal consolidation, says report
Millennium Post Delhi
|New Delhi 26January2026
Buoyant revenue streams are expected to give the government room to sustain capital expenditure at around 3.1 per cent of GDP while continuing with fiscal consolidation, according to a pre-Budget report by ICICI Bank Global Markets.
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The report noted that growth in 2025-26 was supported by both fiscal and monetary stimulus amid rising external headwinds. On the fiscal side, income tax and GST-related stimulus together amounted to about 0.9 per cent of GDP. While this aided a pickup in private demand, it also weighed on tax collections. As a result, the report said some spending restraint may be required to achieve the fiscal deficit target of 4.4 per cent of GDP in 2025-26.
This story is from the New Delhi 26January2026 edition of Millennium Post Delhi.
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