Direct transfers to slash subsidies by up to 60%: FM

Finance minister P Chidambaram has said he is hopeful of achieving 20-60% savings on subsidies a year through better distribution under the new direct benefit transfer (DBT) scheme that he expects to roll out completely by end-2013. The minister also said the Budget in February would be a “responsible” one, and not one mindful of next year’s election, according to a Standard Chartered Bank note that highlighted key takeaways from his interaction at an investors conference in London on Tuesday.

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