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Fiscal deficit to be cut

NEW DELHI, JULY 3. Hardly a week before the Budget, the Government today said it would cut fiscal deficit by at least 0.3 per cent of the GDP annually and stop borrowing from the Reserve Bank from April 2006.

In a landmark decision, the Government today notified the Fiscal Responsibility and Budget Management Act, which also stipulates wiping out revenue deficit by March 2008, a year ahead of the target fixed in the Common Minimum Programme.

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