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Economic Survey: Batting for fiscal consolidation

If the Budget is in sync with the Survey, we could see fiscal deficit at 3% of GDP by March 2018

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Dharmakirti Joshi
The last two Economic Surveys stood out in terms of scholarship, with well-researched insights and prognosis of the economy, nifty presentation, and absorbing narration.

The latest edition is no different, only the macroeconomic context has changed -- and how. Unlike the last two, where drought clouded the outlook, this one has been written in the backdrop of an unprecedented monetary experiment -– demonetisation -– and the imminent tectonic shift in geopolitics and global trade. After decades of opening up and integration, the world economy seems to be taking an insular turn.

The International Monetary Fund (IMF) has forecast