According to CoinMeta, Nomura expects that India's fiscal deficit target of 4.3% for the 2026/27 fiscal year may deviate by 20 basis points. At the same time, Nomura predicts that the Reserve Bank of India will not raise interest rates before the end of next year. In a report, Nomura economists stated that since the peak of the Iran war situation, India's fiscal risks have eased to some extent. However, under the baseline scenario, they still expect the fiscal deficit ratio to deviate by about 0.2 percentage points. Compared to last year, market sentiment has changed this year, with increased confidence in economic growth, fiscal conditions, and the resilience of the current account, while concerns about trade frictions with the United States have diminished. Nomura forecasts that India's economic growth rate for the fiscal year will be 6.6% under the baseline scenario, but if the economy performs strongly from April to June, the actual growth rate could exceed expectations. Although there are currently some signs of supply-side pressures, there are no signs of widespread inflation yet.