<h1>India's 2014-15 Economic Survey Advocates for Fiscal Stability with Deficit Reduction and Strategic Spending.</h1> India's Economic Survey 2014-15 emphasizes the need for additional fiscal space to ensure macroeconomic stability and prepare for future downturns. It proposes a medium-term fiscal strategy focusing on reducing deficits and controlling expenditures. Key measures include lowering the fiscal deficit to 3% of GDP, eliminating the revenue deficit, and ensuring borrowing is used for capital formation. The strategy aims to improve public expenditure quality by reducing subsidies and increasing investment. The Survey stresses the importance of maintaining fiscal credibility and adhering to established deficit targets, while also highlighting the need for immediate fiscal action despite reduced macroeconomic pressures.