India to focus on fiscal consolidation in budget

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The finance ministry is likely to focus on fiscal consolidation in the coming annual budget, Montek Singh Ahluwalia, deputy chairman of the Planning Commission, said in an interview to CNBC-TV18.

Containing subsidies is not an easy task and the government is likely to move gradually on this issue, he said.

The government is expected to present a budget in mid-March for the fiscal year that begins on April 1, amid slowing economic growth and mounting concerns about public finances.