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March 6, 2000
Sinha rules out rollback of subsidies
Finance Minister Yashwant Sinha has said the National Democratic Alliance government would try not exceed or fall short of the market borrowings projections made in Budget 2000.
In a television interview, Sinha ruled out the prospect of adverse impact of government borrowings on liquidity and interest rates.
According to Sinha's projections, market borrowings in 2000-2001 are likely to touch Rs 763.83 billion. The estimated figure for 1999-2000 was Rs 770.65 billion.
Asked if he would rollback subsidies due to political compulsions, Sinha replied in the negative. "I consider it extremely unlikely," he said in the television interview and added that it was a well considered opinion.
He also pointed out the irony that while industry wants further cuts in subsidies, his political allies hold the opposite view.
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