The Indian government's adoption of a debt-to-GDP ratio as its primary fiscal anchor provides flexibility for managing public finances, potentially allowing it to meet its 2025-26 fiscal deficit target despite lower tax revenues. However, achieving medium-term goals, including reducing the debt ratio and moderating capital expenditure, will require expenditure discipline. Significant challenges remain with open-ended fertilizer and food subsidies, which are projected to significantly overshoot budget estimates, indicating a need for structural reform beyond expenditure control.