India mulls $13 billion extra borrowing to offset fuel-tax cut - Economic Times

Higher collections from GST as well as personal income taxes will be neutralized by additional spending on food and fertilizer subsidies that the government is giving to the poor and farmers.

India will probably borrow the entire Rs 1 lakh crore ($12.9 billion) that the government will forgo as revenues due to a cut in petrol and diesel levies, according to people familiar with the matter… [+1923 chars]

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