<h1>India's Fiscal Plan: Reduce Deficit to 3% by 2016-17, Adopt GST, Rationalize Schemes, Boost Capital Inflows.</h1> The Union Finance Minister announced a fiscal consolidation roadmap to address India's economic challenges, emphasizing the need for fiscal discipline to avoid a cycle of low growth and high inflation. The Kelkar Committee's recommendations on taxation, disinvestment, and expenditure have been accepted, including transitioning to the Goods and Services Tax and rationalizing government schemes. The government aims to reduce the fiscal deficit from 5.3% of GDP in 2012-13 to 3.0% by 2016-17, while ensuring essential expenditures and protecting programs for the poor. Efforts will also focus on financing the current account deficit through capital inflows.