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Diesel price hike will help reduce fiscal deficit: Ficci

"The spike in inflation (by 6-7 basis points), which is most likely to be observed, would be a short-run phenomenon that would eventually translate into lower fiscal deficit (achieving a target of 5.3 percent of GDP), thus, opening up the option of reduction in subsidy on LPG and kerosene," Ficci President Naina Lal Kidwai said.