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Slowing economy may force Chidambaram to wield budget knife

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India’s Finance Minister may have to slice at least Rs 20,000 crore ($3.2 billion) from Government spending to prevent a budget blow-out, which could threaten to send the country’s credit rating into “junk” status, two ministry officials said.

 

P. Chidambaram will make a final decision on whether to go ahead with the cuts at the end of October when he gets an update on revenue collections, the officials, who have direct knowledge of the process, said. Read More

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