India, Jan. 28 -- The macro backdrop to the upcoming budget is somewhat different from the last two years when the importance of fiscal consolidation was not a matter of much debate. This year, there are multiple budget priorities that might sometimes be conflicting. Arresting a cyclical slowdown early and preserving macro-stability through a credible fiscal consolidation roadmap will likely be the twin pillars of the FY26 budget math. Rising global uncertainties could pose some challenges in meeting these twin objectives. On top of it, near-term asset market volatility probably warrants a conservative approach to budget making. However, beyond the math, the budget can outline the reform initiatives in different areas that will be pushed ...