Budget 2015: Food and fuel subsidy bill may be cut by 20%

New Delhi: India may slash its food and fuel subsidy bill by 20 percent, or about $8 billion, in the annual budget to be presented next week, two government sources said. [caption id=“attachment_2104083” align=“alignleft” width=“380”] Finance Minister Arun Jaitley. PTI[/caption]The sources said Finance Minister Arun Jaitley was likely to set the total budget for subsidies at about $32 billion, down from $40 billion in the current financial year. The numbers imply four-fifths or $6.5 billion of the total savings will come from lower fuel subsidy costs. Other subsidy costs will only be cut by around 5 percent. Reuters