Falling oil prices tighten India's fiscal gap, but El Nino risk looms
A plunge in global crude to about $73 a barrel slashes India's fuel subsidy bill and trims the projected fiscal deficit overshoot, analysts say. Still, the government faces a 9.6% deficit for 2026‑27 and must brace for El Nino‑driven agricultural stress. The outlook hinges on the durability of lower oil prices.