Achieving the 5.3 per cent deficit target this year without gimmicks (which only serve to aggravate future problems) is important, but the litmus test is the forthcoming Budget. It must contain measures along the lines spelt out in Vijay Kelkar’s report to you. Two of the most important of these would be to reduce subsidies (especially on diesel and fertilisers) and to pass the Constitutional Amendment Bill to implement the goods and services tax......Read More

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