The government of India will present its fiscal year 2024 Budget on February 1. This will be the final full-year Union Budget under the current government before the general elections in mid 2024, and comes at a time when the government is trying to weigh spending priorities, without compromising on fiscal prudence and the inflation target. It will be a tight ropewalk for the government to balance populist measures reining in reforms to boost investments. FY24 is a  busy political calendar with several important state elections in Karnataka, MP, Rajasthan and Chhattisgarh.

With India running one of the highest public debt to GDP ratios among emerging markets, firm adherence to the fiscal consolidation would seem  to be the most appropriate path for the government.

Fiscal consolidation, reforms and growth are some of the key factors markets will be looking out in the Union Budget 2023.  Is the FY23 budget math more challenging than meets the eye? What are likely to be the spending priorities in FY24? How much fiscal consolidation is likely in FY24?

To decode and simplify this fiscal puzzle, Forbes India's Nasrin Sultana speaks to Rahul Bajoria, MD and Head of Emerging Markets Asia Economies  Ex-China), Barclays.