In this episode of Interpreting India, Suyash Rai is joined by Ajay Shah, economist and co-founder of the XKDR Forum, to explore the complexities of India's fiscal policy and the current economic challenges. Shah brings his extensive experience and insights from his roles as an advisor to the Ministry of Finance and as a professor at the National Institute of Public Finance and Policy. What are the implications of the union budget for 2024–25? What are the strategic choices underlying fiscal deficit management? How can broader institutional and policy reforms drive sustainable growth in India?