New Delhi: Spending on major subsidies including fuel, fertiliser and food is likely to hit 2.4 percent of GDP in the current fiscal year, up from 1.9 percent targeted in the federal budget, its finance minister said on Saturday.

P. Chidambaram was speaking a day after the government said it was opening up its supermarket sector to foreign chains and two days after it announced a steep increase in the heavily subsidised price of diesel, in a spate of policy reforms aimed boosting growth and shoring up government finances.


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