India's medium-term fiscal consolidation faces challenges with a new coalition government coming to power, potentially impacting a ratings upgrade, as Prime Minister Narendra Modi's BJP fell short of a majority. Fitch Ratings analyst Jeremy Zook expects the government to aim for a 4.5% fiscal deficit by 2025-26, but uncertainty looms beyond. The central bank's surplus transfer aids fiscal goals, but a coalition government may complicate consolidation efforts.
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