Economic Survey 2020-21 prioritises growth over fiscal consolidation

India's recovery can be faster than many other economies if the budgetary allocations are appropriately prioritized, writes D K Srivastava.

Three important releases on 29 January 2021 provide critical clues to both policy direction and the likely magnitude of the fiscal aggregates in the forthcoming budget for 2021-22. The first of these releases, that is, the Economic Survey for 2020-21, provides crucial signals relating to the likely fiscal policy stance of the budget for the forthcoming year as well as for the medium-term. The second release, by the CGA, provides updated information regarding centre’s fiscal aggregates up to December 2020. These numbers portray a relatively sharp improvement in central government’s gross and net tax revenues. The third release pertains to