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Budget 2015: Five most urgent reform priorities for Modi

The government's upcoming annual budget will be a test of just how many big ideas Prime Minister Narendra Modi can squeeze into a narrow fiscal space.

Curbing the federal deficit is the government's absolute priority on February 28. New Delhi is desperate to revive private investment, and the central bank has made it plain that it will only cut interest rates if belt-tightening continues. The medium-term target is to reduce the shortfall to 3 percent of GDP in two years, from an estimated 4.1 percent. That means the government must tighten its belt by at least half a percent of GDP over the next 12 months.