State Bank of India’s (SBI) Ecowrap report has highlighted mounting challenges to the Centre’s fiscal math for the FY27, estimating the gross fiscal deficit at 4.6% of gross domestic product (GDP), higher than the budget estimate of 4.3%, due to additional spending on subsidies, excise duty cuts, and economic support measures. Rating agency ICRA projected fiscal deficit at 4.6% for FY27 assuming an average crude oil price of $85/barrel in FY27. In case crude oil price rises to $105/barrel, ICRA projects fiscal deficit at 4.8% of GDP.