From kirana store budgets to open budgets

Once, budget proposals were top secret. The Finance Minister wouldn't breathe a word on budget-related matters for months before the event. But no more. Finance Minister P. Chidambaram is touring the world, hitting global headlines on what the budget will contain. He initiated this open approach with domestic audiences and has now gone global. He pledges to reduce his fiscal deficit this year to 5.3 per cent of GDP, and cut it further to 4.8 per cent in 2013-14 .

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