Watch that budget unravel

If even the optimistic Prime Minister’s Economic Advisory Council (PMEAC) hasn’t given a fiscal deficit target while giving one for almost every other thing, there is a good reason. It’s also the same reason why finance minister P Chidambaram has asked a panel headed by Vijay Kelkar to examine the facts on the ground and give him a sense of how bad the fiscal situation is, so he can present a reasonable picture of the deficit while outlining a medium-term fiscal target.

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