India

As India heads into Union Budget 2026, expectations across markets and industry remain restrained. After several years of elevated pandemic-era spending, the government is firmly back on a fiscal consolidation path, narrowing the deficit from over 9 per cent of GDP in FY21 to 5.6 per cent in FY24, 5.1 per cent in FY25 (RE), and a budgeted 4.9 per cent in FY26. 

India recorded 8.2% GDP growth in Q2, significantly outperforming expectations. Strong festive spending, rationalised GST slabs, and buoyant manufacturing output helped fuel the surge.

Moscow's top priority during the summit is clear: protect Russian oil's dominant position in India, which has become Russia's largest market for seaborne crude since 2022.

The RBI will meet for the December Monetary Policy Meeting ( MPC) from December 3rd to December 5th.