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Mr Dilip Modi, President, Associated Chambers of Commerce and Industry of India says : High inflation, rising global crude oil prices and social programs spending by the Government being stepped up may spoil the growth momentum. Much will depend on fiscal consolidation measures to keep gross fiscal deficit down from 6.3 per cent last year to 4.8 per cent of GDP this fiscal. The Government must immediately take fiscal measures, including lower duties on crude oil and desist from rolling back stimulus measures to moderate inverted inflation and sustain the growth curve.
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