India shifts focus from fiscal deficit to debt-GDP ratio, keeping a 4.9% deficit for 2024-25. Somanathan and Sitharaman’s Budget speech targets 2026-27 consolidation with 4.5% next year. Supported by robust tax revenues and Rs 2.11 lakh crore RBI dividend, Moody’s, including Gene Fang, projects debt stabilization to 80% from 89.3%, amid robust capital spending for a declining path.