<h1>Revenue expenditure emphasis ahead of elections shifts spending to social welfare, raising fiscal transparency and debt sustainability concerns.</h1> The 2025-26 West Bengal budget shifts emphasis toward revenue expenditure over capital outlay, directing a large portion of increased spending to social welfare and cash transfers while marginally raising capex. Revised estimates for the current year increased revenue outlays and reduced capital spending, and downward revisions to GSDP growth alongside higher debt to GSDP ratios have raised concerns about fiscal transparency and debt sustainability amid election year policy choices.