<h1>India's budget projects 7.4% real GDP growth and targets fiscal consolidation with a 4.3% fiscal deficit.</h1> The Union Budget projects real GDP growth of 7.4% in FY 2025-26 and nominal GDP growth of 10% for BE 2026-27, while anchoring fiscal strategy on a debt glide path with a fiscal-deficit target of 4.3% of GDP in BE 2026-27 and Central Government debt at 55.6% of GDP. Emphasis is placed on sustaining public investment through an estimated effective capital expenditure of Rs.17.15 lakh crore (4.4% of GDP) and on intergovernmental transfers, with tax devolution and Finance Commission grants to states amounting to Rs.16.56 lakh crore.