As India anticipates the interim budget for 2024-25, speculation surrounds the government’s stance on fiscal discipline and adherence to conventions associated with an interim budget. Government insiders suggest prioritizing fiscal discipline over populist spending, aligning with Finance Minister Nirmala Sitharaman’s statement ruling out “spectacular announcements.” The interim budget is expected to maintain the post-COVID fiscal consolidation plan, targeting a fiscal deficit of 4.5% of GDP by FY26. Challenges include meeting the FY24 fiscal deficit target of 5.9%, potential cash outgo for relief measures, and managing global uncertainty impacting growth and revenue collections.