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"Well, the budget certainly is anti-inflationary. The fact that the fiscal consolidation programme is on target — the fiscal reduction and the revenue deficit reduction — we are moving in the set direction. That itself should be an assurance that inflation will not be allowed to get out of hand. But in addition, if you look at the whole programme of reduction in customs duties and excise duties, I think that would also strengthen the anti-inflationary bias of the Budget.

Moreover, the emphasis that is now being laid on supply side responses, the National Programme for Pulses, the National Programme for utilisation of Ground Water resources, the rainfed authority working to give a new momentum to the utilisation of the dry land agriculture potential. All these would strengthen the supply side responses. In the short term, the fact is the Budget seeks fiscal consolidation. The fact that customs duties and excise duties have been reduced in a number of sensitive commodity areas, will certainly impart the anti-inflationary bias to the Budget."

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