• Wholesale Price Index inflation falls to a three year low of 5.98% during 2013-14
• Consumer Price Inflation also signs of moderation
• Both, Wholesale and Consumer Price Inflation, expected to go downward
• Fiscal consolidations remains imperative for the economy, says the Economic Survey
• Economy Survey recommends fiscal consolidation through higher tax-GDP ratio then merely reducing the expenditure to GDP ratio
• Proactive policy action helped government remain in fiscal consolidation mode in 2013-14
• Fiscal deficit for 2013-14 contained at 4.5% of the GDP
• Total outstanding liabilities of the central and state governments decline as a proportion of GDP

Fiscal consolidation: containment of deficit through higher tax to GDP ratio favoured over expenditure cuts, with inflation moderating. Fiscal consolidation is framed as the principal policy objective, with the Economic Survey reporting containment of the 2013-14 fiscal deficit and urging consolidation through a higher tax to GDP ratio rather than chiefly by cutting expenditure. The Survey attributes consolidation to proactive policy action and records a decline in central and state governments' outstanding liabilities as a share of GDP. It also highlights moderating Wholesale and Consumer Price Inflation, expected to continue downward.