In a post-budget panel discussion with CNBC-TV18, Ajay Seth, Secretary of the Department of Economic Affairs (DEA), outlined key fiscal and economic priorities following the Union Budget for FY26, presented on February 1.He said a detailed asset monetisation roadmap will be announced “very soon,” with the government aiming to achieve 90% of the plan by FY25-end.Sector-wise details are expected next week, with NITI Aayog likely ready with the framework. However, he clarified, “Money will not come back into the Consolidated Fund of India (CFI).”
On fiscal consolidation, Seth highlighted the new roadmap’s flexibility, depending on economic growth. “Three scenarios of consolidation have been assumed—mild, moderate, and high growth,” he said, adding that the goal is clear: “By 2031, we need to bring the debt-GDP ratio to 50%.”For FY26 growth, he was optimistic: “Growth at the upper end of 6.8% is 100% doable; it is a practical number.” He noted that whether GDP expansion aligns with the Economic Survey’s estimate remains to be seen.On consumption, Seth underscored that ₹1 lakh crore in additional liquidity is now with consumers due to recent measures. “Depending upon where it goes, the multiplier impact will be felt,” he said.Also read: Budget 2025: New income tax slabs, rates, and benefits explained – FAQsWith consumption growth at 7%, he pointed to substantial changes in tax slabs and rebates as a response to middle-class demands.On small savings, he said interest rates are set to be neutral, neither incentivising nor disincentivising savers. Meanwhile, net market borrowings are expected to trend downward.Seth also noted a shift in government spending, with multiple new expenditure missions announced while overall expenditure growth moderates in a “balancing act.”On investment concerns, he said investors are seeking policy consistency on bilateral investment treaties.(Edited by : Sheersh Kapoor)
