As attention turns to the government’s FY16/17 budget announcement on 29th February, the finance ministry can look back on what appears to have been a successful FY15/16. We think that this year’s fiscal target will be met, and there has been evidence of a rise in public investment. But greater challenges await. In particular, the finance ministry will have to make room for a large pay rise for civil servants while continuing to tighten fiscal policy.
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