Budget expectations 2025: Global rating agencies, such as S&P, Moody’s and Fitch, reckon India will focus on fiscal consolidation and capital investments, and may shed more light on its medium-term debt reduction strategy in the budget for 2025-26, senior executives handling sovereign rating at the agencies told ET. More effective capital expenditure programmes and boosting manufacturing investments to sustain strong growth and spur employment generation could also be among the budget’s priorities, they said.