India’s fiscal deficit for FY27 is likely to exceed the budgeted target, with BMI projecting it could reach about 4.5% of GDP. The pressure is linked to policy responses to the West Asia conflict, including support for firms, higher energy and fertilizer subsidies, and possible export curbs on critical inputs like helium and sulphur. Infrastructure spending may also be deferred to contain costs.
Crude oil prices have been falling and pump rates remain largely steady, but state-run IndianOil’s net profit has still dropped by 67%. The question now is why margins are getting squeezed, with attention turning to the lingering impact of past subsidies and under-recoveries that can distort earnings even when fuel prices don’t move.
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MSME entrepreneurs in Noida and Greater Noida say a recent rise in wages and overtime rules is pushing up operating costs faster than revenue can follow. They argue policy changes are out of sync with ground realities and are urging the government for financial relief through subsidies and other supportive measures to prevent margin pressure from worsening.
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