Fifth, while outlay on education will rise substantially and the devil always lies in the detail, it is doubtful if, in the absence of a credible implementation and enabling policy changes, much can be achieved. I have earlier written in this column, and the recent concern of the National Knowledge Commission reinforces this, that education needs policy reforms as much, if not more, than enhanced outlays. The absence of an enabling framework discourages private investment. There is little evidence that policy makers on HRD are ready for these mindset changes.

Finally, infrastructure and a fillip to the sagging manufacturing sector. Short-term fiscal changes serve little purpose but policy changes that can expand and accelerate competitive infrastructure facilities remain a priority. Based on experience, making public private partnership more attractive and workable is a challenge. There are other areas where implementational impetus and rigorous monitoring with accountability are inescapable. Political interference and rent-seeking has stymied progress in several areas and institutional fire-walling must be attempted.

Finance Minister P. Chidambaram has, on more occasion than one, hinted that the final year of this government will remain reform friendly. The budget is one occasion to prove this. It is also, perhaps, his last opportunity to redeem his reputation not only as a reform visionary but for shouldering the risk of implementing ideas in which he believes but others do not. Leadership is never about grasping the soft options.