A peak level of India’s public debt/GDP ratio at 91.7 per cent, near doubling of combined fiscal deficit in the aftermath of the pandemic averaging at 12 per cent, and worsening of debt sustainability indicators to the 2002 levels may be driving fiscal conservatism, JM Financial said in a report. “However, we see greater chances of moderating fiscal support from both the Centre and the states. GoI’s spending in the proportion of Budget estimates is already restrained to levels that were last seen during the peaks of the economic boom in FY07-08, the report said. The Union Budget 2022 may bet h…
