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...“Any shortfall would ultimately have to be balanced by reduced spending,” Abheek Barua, chief economist of HDFC Bank, wrote in a post budget analysis....
...Those who have expressed concerns about the plan range from Raghuram Rajan, former governor of the Reserve Bank of India, to traditional allies, such as Swadeshi Jagran Manch, the economic arm of the rightwing...
...His former organisation, the Swadeshi Jagran Manch, which is affiliated with Mr Modi’s ruling Bharatiya Janata party, is currently leading the opposition to Walmart’s proposed $16bn investment in the online...
...PHFI said overseas contributions already received would be frozen in its bank account....
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