India's FY27 fiscal deficit may hit 4.7% of GDP: SBI Research

India's fiscal deficit for FY27 could exceed the Budget Estimate by ₹1.2 lakh crore, reaching 4.7% of GDP vs the targeted 4.3%, says SBI Research. Key pressures include ₹1.1 lakh crore revenue loss from excise duty cuts, ₹90,000 crore in fertiliser subsidies, and ₹8,000 crore in petroleum and LPG subsidies.