India’s annual federal budget was “tactical” but not a “breakthrough”, Moody’s Ratings said in its reaction to a government roadmap for the next financial year. Finance Minister Nirmala Sitharaman shows the digital tablet, enclosed in a traditional red ‘bahi-khata’ style pouch, at the Parliament premises before presenting of the �Union Budget 2026-27�, in New Delhi, Sunday, Feb. 1, 2026. (PTI) Planned fiscal consolidation, which will bring the budget gap to 4.3% from 4.4% in the current year, will not change India’s credit profile, Christian de Guzman, senior vice president at Moody’s Ratings, told Reuters. “(Despite India’s) lengthening track record of deficit consolidation or fiscal discipline, this deficit is still wider than what it was prior to COVID,” Guzman said. “We haven’t seen the fiscal metrics improve sufficiently enough to actually change the credit profile,” he said. The economy is forecast to grow 7.4% in the current financial year, with inflation likely to be near 2%. The fiscal deficit for the year is set to be 4.4% of gross domestic product. Also Read | No big …