The finance ministry faces a delicate balancing act in the upcoming union budget for FY18/19, which will be unveiled on 1st February. On the one hand, it will be under pressure to loosen policy ahead of upcoming state elections and with the 2019 general election coming onto the horizon. On the other hand, it will want to continue demonstrating its commitment to fiscal consolidation. The most likely outcome is that finance ministry slows the projected pace of fiscal tightening in FY18/19.
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