Budget 2026: From auto, telecom, railways to defence – Morgan Stanley points out key reforms needed in various sectors by Live mint | January 19, 2026 2:05 pm | Indian Stocks, Market, News Budget 2026: Morgan Stanley expects the government to target the fiscal deficit at 4.2% of GDP in FY27 as compared with the target of 4.4% of GDP in FY26. This will likely be the shallowest pace of consolidation since FY23.
