Interim Budget 2019: Pausing to pump-prime, says CRISIL's Dharmakirti Joshi

Clearly, the government has paused on fiscal consolidation and made way for additional spending to support farm incomes and afford tax benefits to the middle class. Farm support of Rs 20,000 crore proposed will push up fiscal deficit by 10 basis points (bps) this fiscal year. 

For fiscal 2020, this is budgeted to be 30 bps above the FRBM target of 3.1 per cent of GDP. The consequent incremental consumption should provide a leg-up to GDP growth.

And between the interim and the final Budgets, there is little leeway, if both adhere to the FRBM goals. Interestingly, when the National Democratic Alliance took reins in 2014, it maintained the key fiscal parameters proposed in the interim Budget by the outgoing United Progressive Alliance II government.

The same story may play out this time as well with some tweaking within the various schemes depending on the outcome of the battle at the hustings. One thing is certain, though - the focus will stay sharp on the hinterland, irrespective of who wins.