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...Though short of any big bang announcements, the budget does a fair balance between boosting investments through higher capital expenditure and giving a fillip to consumption through tax cuts for the lower income individuals and small and medium businesses. A heartening feature of the fiscal consolidation over the last two years is the lowering of the revenue deficit. In my view, this has not received the due attention it deserves. While the focus typically is on the overall fiscal deficit and the debt/GDP ratio, the revenue deficit is an important number which measures the quality of the deficit. All the fiscal consolidation of the last few years has been through compressing revenue deficit, which reduces the inflationary impact of the budget by reining in non-productive expenditure. Though one can argue that this has been achieved due to the oil excise duty bonanza, credit is still due on this front. ...Live Mint on Feb. 3, 2017, 1:19 a.m.