Lastly, a panoply of new tax credits and deductions has added to implicit fiscal subsidy with one hand as the government has tried to curb explicit help with the other.

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High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit.

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Critics say the program would increase food subsidy costs and further bloat the government's fiscal deficit.

WSJ: India Cabinet Clears Food-Security Bill

When the subsidy comes off, there will presumably be an improvement on the fiscal side.

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