Deficit plan fails, India downgrade looms

Finance minister P Chidambaram has banned government officials from holding conferences at five-star hotels, restricted travel and ordered a freeze on hiring to fill vacant posts. A single-minded political veteran who commands both fear and respect in Indian officialdom, P Chidambaram is squeezing government ministries hard to cut spending wherever they can, and quickly, to help rein in a widening fiscal deficit.

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