This is a India news story, published by CNBC, that relates primarily to The Reserve Bank of India news.
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India 's first budget was highly anticipated as the country contends with a slowing economy, depreciating rupee and global macroeconomic headwinds.
The middle-income class has to spend more to boost corporate earnings and spur the economy.
Consumption levels in India have nearly trebled to 200 trillion Indian rupees in the last decade .
Consumption now accounts for around 60% of India 's economy — making it the top growth driver.
The Indian government is aiming for a fiscal deficit of 4.4% of gross domestic product for the fiscal year 2025 to 2026 .
Over 3% of GDP has been allocated to capex for India 's financial year starting in April .
The Reserve Bank of India is expected to announce a 25 -basis-point cut to its repo rate on Friday .
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