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Finance Ministry strikes a delicate balance

Finance Minister Nirmala Sitharaman appears to have successfully demonstrated her long-term commitment of reining in the fiscal deficit while still providing support to the economy in today’s FY23/24 Union Budget announcement. There is a chance of fiscal slippage as campaigning ahead of the general election in May 2024 kicks off, but recent success in hitting deficit targets suggest that risk is smaller than has been the case previously.  

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