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...The need to ‘stimulate’ the economy had created wide expectations of a cut in tax rates, an increase in allocations to the social sectors and enhanced infrastructure spending. At the same time, fiscal prudence had to be maintained, amidst considerable uncertainties about the impact of the note ban on nominal GDP (gross domestic product) growth, the gains that could be expected on account of voluntary disclosures of untaxed income and penalty schemes, and the manner in which tax revenues would evolve after the implementation of GST (goods and services tax). The most significant aspect of the budget is its commitment to curtail the fiscal deficit to 3.2% of GDP, despite the FRBM (Fiscal Responsibility and Budget Management) committee providing leeway to relax it to 3.5% of GDP. ...Live Mint on Feb. 1, 2017, 9:33 p.m.