New Delhi, Feb. 2 -- The Union budget for 2025-26 is being hailed as a "thanksgiving'' for the middle-class, while its personal income tax relief is being called "historic'' and has hogged most of the limelight. But there a quite a few standout features other than these.

First things first. The remarkable and dogged focus on fiscal consolidation really is noteworthy. From a covid-high of 9.2% of gross domestic product (GDP) to 4.4%, the fiscal deficit is set to more than halve in just about six years. Importantly, in absolute terms, the fiscal deficit is likely to remain flat at Rs.15.7 trillion in 2025-26, as compared to 2024-25, and lower than its level of Rs.16.5 trillion in 2023-24.

While the fiscal deficit, which is a broader term ...