India's fiscal path may depend more on direct tax collections as customs and excise receipts face pressure

ANI reports in The Economic Times, citing Dolat Capital, that India's fiscal outcome will depend more heavily on direct tax collections as lower customs duties and weaker excise collections could constrain indirect tax revenue. The report says government spending ran ahead of last year's pace during the financial year's first five months, led by capital spending and subsidies. The fiscal deficit reached Rs 7.1 trillion, or 41.9% of the budget estimate, through August 2026.