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The Chairman of the Prime Minister's Economic Advisory Council (PMEAC), Dr C. Rangarajan, cautioned that the fiscal deficit could be slightly higher than 4.6 per cent. With this in mind he advocated a diesel price hike. “We are caught in a dilemma. At this moment, if we increase diesel prices, inflation will also increase; if we do not, then oil marketing companies will suffer. But as inflation starts coming down, that would be right time to take a decision on price hike,” Dr Rangarajan told reporters. He called for a cut in subsidies to check deficit.
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