Budget 2026: Economists Predict Steady Growth, Limited Need for New Stimulus

• Economists anticipate steady economic growth for India, with a projected 10% nominal GDP growth in FY27.
• HSBC's Pranjul Bhandari expects a shift from consumption-led to investment-driven growth, stabilizing around India's potential rate.
• Nomura's Sonal Varma suggests limited need for fresh stimulus due to prior fiscal measures like tax cuts and capital expenditure.
• Focus for Budget 2026 is expected to shift towards medium-term priorities like supply chain resilience and 'Make in India'.
• Kotak Mahindra Bank's Upasna Bhardwaj highlights the crucial role of non-tax revenues, especially the RBI dividend, in fiscal support.

Why It Matters: Budget 2026 will likely prioritize fiscal consolidation and medium-term growth strategies over new stimulus.