Economic Affairs Secretary Arvind Mayaram on Tuesday predicted that any new government is unlikely to cause major disruption to the country's fiscal policies.
Speaking to a select gathering of British government officials and foreign investors at the Indian High Commission here, he said the overall direction of India's economic policies would remain broadly unchanged whichever party comes to power after the General Election in the coming weeks.
"Since 1991, there has been no major change in policy, whichever government was in office. That will continue. There will be no major disruption," the senior finance ministry official said.
"It is inherent in the genes of every government to pursue moderation and compromise once in office. The next government will continue on the path of fiscal consolidation that we have undertaken in recent years," he added.
On UK concerns over retrospective taxation, he admitted that "any change in law retrospectively is not good policy".