Budget 2026-27 marks a decisive shift in India’s fiscal and tax policy narrative—from expansion and experimentation towards consolidation and credibility. Anchored around three kartavyas—accelerating growth, meeting citizen aspirations, and ensuring inclusion—it signals a clear directional intent: India is now optimising its economic architecture for durability, predictability, and long-term capital formation. The FM has remained committed to the consolidation path, with the fiscal deficit estimated at 4.3% and central government debt placed on a declining trajectory at 55.6% of GDP in FY27.