India's budget surprises with lower-than-expected fiscal deficit target, deviating from expectations of a fiscal-centric approach, according to the chief economist of credit rating agency ICRA. The government aims to reduce fiscal deficit to 5.1% of GDP, lower than the expected 5.3%. Gross borrowing is planned at 14.13 trillion rupees, lower than the anticipated 15.60 trillion rupees, as the government plans to repay maturing debt through the Goods and Services Tax compensation fund. The Reserve Bank of India is expected to cut rates in August or October depending on monsoon conditions.
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