Going by the promises made in the national agenda, which charted a five-year course for the government, the BJP-led coalition faltered on various counts. Yet, the achievements on many others have not been unimpressive taking into account the constraints, both political and economic, under which the coalition functioned. Says Sinha, "the National Agenda was for five years. Nevertheless, we made honest attempts to achieve the objectives listed in the document".

It would be futile to expect that all the economic problems would be sorted out by any government in the short-run. However,the economy is looking up and the two regular budgets presented by Sinha attempted to facilitate the recovery process with moderate success. Steps taken as part of the Budget and also outside the Budget, did have an impact and the "feel good factor" started manifesting itself. Unfortunately, the political tornado uprooted the fragile government before the recovery process could be stablised.

However, much to the comfort of the industry, the economy and the capital markets remained buoyant notwithstanding the aftershocks of Pokharan explosion, political turbulence and Kargil conflict. Everything happened within a course of one and half years, but the economy, because of the strengths built over the years and pre-emptive steps taken by the government, was able to withstand divergent pulls and pressures. However, the scare on the BJP rule caused by onion prices piercing the roof would remain. The better part of the crisis was that it prompted the government to review prices at the highest level on a weeklybasis. As a result, the inflation rate softened to levels not anticipated even by the die-hard optimists.

On the economic front, the National Agenda promised to "give a swadeshi thrust to ensure that the economy grows on the principle that `India will be built by Indians'; revitalise economic reforms; accelerate development of infrastructure; give primacy to removal of unemployment; step up GDP growth rate to the 7-8 per cent bracket; control fiscal and revenue deficits; calibrate globalisation process; and strengthen the indigenous industrial base and the financial and services sectors."

The other promises include earmarking 60 per cent of the Plan funds towards agriculture and rural development; introduction of crop insurance scheme; continue farm subsidies but make them more direct, efficient and specific; adopt national water policy; increase national savings to 30 per cent of the GDP; encourage foreign direct investment in core areas; and discourage FDI in non-priority areas.Undertaking a review ofall laws and regulations relating to industry was also talked of; A system of voluntary compliance with laws, including tax laws; revive the capital market and expedite comprehensive reform of the PSUs. It also pledged food security for all; improved PDS; price stability; housing for all; potable water to all villages; and free primary education free up to fifth standard.

The list of promises is endless and encompasses everything which one can possibly conceive. Unfortunately, the resources to deliver them are extremely finite and to the convenience of the ruling party the time-period for accomplishing the task too was cut short.

The BJP did not come to power with a magic wand to accomplish wonders in five years. Yet it did achieve some success. Capital markets are buoyant after a long gap. Housing, improvement of infrastructure facilities, rural development, taxation reforms, education etc. received adequate attention of the government. The problems, however, have continued on the fiscal front whichwill be a big challenge for the governments to come.