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State of spending

Drafting the Union Budget for 2012-13 will not be easy. It is vital for macroeconomic stability that the central government attempt a return to fiscal prudence. In the 2011-12 Budget, it was estimated that the fiscal deficit would be 4.6 per cent of GDP. It is clear that the actual figure will overshoot this estimate, and settle at 5.5 per cent or more.

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