Soft crude prices will cut fuel subsidy bill and help contain fiscal slippage this year.
After a good show in 2010-11, the economy has now started to show signs of fatigue.
Last year, the Survey suggested a long list of reforms, but most of these found no place in the Budget.
The first thing the new government has to do is to spell out its plan to deal with the mounting fiscal deficit.
Until self-sufficiency in food is achieved, targeted subsidies and food distribution need to be beefed up to protect society's vulnerable sections.
Rising productivity and product diversification ensured high export growth in the past.
Most believe it was in the post-1991 period, but the structural break took place in 1980-85.
India is in a state of structural balance of payments surpluses, with the foreign exchange inflow substantially exceeding the demand for it.