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India returned to fiscal consolidation in fiscal year 2016-17
The IMF has said that India returned to fiscal consolidation in the fiscal year 2016-17 largely due to the near-elimination of fuel subsidies and enhanced targeting of social benefits. Commenting on the issue, an IMF Official told the media, "India returned to fiscal consolidation in fiscal year 2016/17, supported by the near-elimination of fuel subsidies and enhanced targeting of social benefits, notwithstanding the deceleration in growth related to the country's recent currency exchange initiative."