Another big bang that failed was infrastructure. We have to admit the Economic Survey itself did not create too many expectations here. The FM speaks broadly about awarding power projects, and focuses on plan allocations to power and coal, as if he is constrained to only indicate what he and his government can do with the money they have on hand. As for the celebrated private-public participation in infrastructure, a revolving fund of Rs 100 crore for project preparation must be a cruel joke, to people who are wondering how we will find the Rs 14 lakh crore envisaged in the 11th Plan for infrastructure. Some of us thought that growth in saving and investment rate will mean more long term investment opportunities, but PFRDA and pension funds have to wait. As for mutual funds, the government has been keenly experimenting over the last 7 years, about how to tax the dividends. In the meanwhile, some money we have stashed away as reserves will be used, provided RBI is comfortable with what this does to its currency and liquidity management programmes.

We have to blame all of this on our unrealistic expectations. We repeatedly told the government its job is to manage the deficits and provide for education, defence and health. That is exactly what the budget has limited itself to. We cannot say the budget was a lost opportunity to further reforms, because we placed inflation ahead in the agenda and forced some custom and excise duty cuts. We also cannot wring our hands in despair about the additional cess, and extending the FBT list, because there has to be some tinkering anyway. We can of course say, alas!