There goes the fisc

Finance minister Pranab Mukherjee is going to have to pull several rabbits out of his hat if his fiscal deficit is going to bear even the semblance of a resemblance to the 4.6% he promised just 10 months ago. He’s already made demands for supplementary grants adding up to around R70,000 crore and has announced an additional borrowing target of R54,000 crore. And, on Wednesday, he told Parliament that the rupee’s depreciation would likely raise the subsidy bill by around R1,00,000 crore by the end of the fiscal year.

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