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India to reduce budget deficit by 50 bps.

The war in Ukraine has increased food and energy costs, and the rupee has been losing its value because India has a current-account deficit as well.

India wants to reduce its budget deficit by 50 bps.(Wiki Commons)

Finance Minister Nirmala Sitharaman said that India would try to reduce the deficit to less than 6 percent of GDP in the year that begins on April 1, next.

The final full-year budget, before voters elect their new prime minister in the summer of 2024, when the  Indian government traditionally eases the purse restraints, is due on February 1.

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