Budjettison it

So the famed Union Budget 2009-2010 is out. For the first time in my life, I 'followed' it minute by minute and must say my understanding is a tad better. Since I really dont understand a great deal, it would be bordering insolence if I venture a comment on how good or bad it is. Instead, I have been trying to assimilate all the shenanigans shooting out from that legendary suitcase in the pic.
The markets have crashed, boomed and tanked. Yesterday was the largest ever budget day fall, with the Sensex shedding a whopping 850+ points. I can sum up the market sentiment in U2's song 'But I still havent found what I am looking for'.
Interestingly, many industry leaders have welcomed the budget proposals. As I continue to sieve through the innundation of budgetary articles, analysis, reactions, comments what appears to be coming out summarily is that it is a neutral budget with some black boxes. These black boxes are 1. Silence on how to fund the huge fiscal deficit 2. Silence on a clear disinvestment roadmap and 3. Complete bypass of FDI roadmap
For me and you, there is hardly any difference. (Btw I realize most of my readers are not based in India:-)). The exemption for personal income tax has been raised by Rs 10,000. I doubt how much is that going to help?
But I still hold one opinion of yesterday's financial treatise. And this view is backed by months of diligent interest of the Indian political backdrop which pummelled the BJP and Left out ushering in 5 years of unfettered rule by the Congress. This budget is a big THANK YOU to the voters who made this victory happen. NREGA allocation up by 144% (!!) speaks volumes, and any informed observer would know that NREGA was the biggest factor behind the Congress' victory in May 2009

Elections Roundup

NDA – Not looking good. I want BJP to get a thumping absolute majority, and wish Mr. Venkaiah Naidu’s statement that NDA will win 200 seats comes true but off course that’s wishful thinking. First BJP itself appears to be a shadow of its heyday Vajpayee times with routs in Rajasthan and Delhi. Second, the alliances are gone. An almost quisling act by Naveen Patnaik of Orissa has in one swoop reduced 10 to 12 numbers from the NDA final tally, unless if post poll negotiations pull back Patnaik in NDA. States where I expect BJP to show strong performance – Gujarat, MP, Karnataka. That’s it. Yep, so fragmented it appears. In Maharashtra, the alliance with Shiv Sena might just strike the chord this time round, with an almost certain rout in Mumbai expected after 26/11. But Pawar Power is the dominant factor in Maharashtra. In Bihar too, they might just break their neck ahead the Lalu-Paswan duo with strong alliance partner JD-(U). In UP they will be decimated.

UPA – Not looking good either, but still a touch better than the NDA. The Congress was stabbed in the back with two important allies Lalu Prasad Yadav and Ram Vilas Paswan joining hands in Bihar. The duo ‘humiliated’ Congress by leaving only 3 seats from the 40 Lok Sabha seats in Bihar for the Congress. Even in the kurushetra of all battlefields Uttar Pradesh, trusted comrades of Samajwadi Party decided to go solo. However, their other tie ups with Sharad Pawar’s NCP, Mamata Bannerjee’s Trinamool are mostly in place.

Third Front – Hata sawaan ki ghata.. well almost :-). The towering presence of one of the most remarkable women India has ever seen can upset the apple and orange carts of NDA and UPA. Her name is Mayawati. From school teacher to UP chief minister, the saga of this woman’s political career impresses me. She might just make it to the hot seat. But apart from her, the third front is truly a ‘parking lot’ of all the parties which cannot fall into the above two camps. As many prime ministerial hopefuls as parties.

Battlegrounds - You don’t wanna miss the fierce battles here!
Uttar Pradesh – 4 way dog eat dog competition between BSP, SP, Congress and BJP. One helluva contest this shall be
Bihar – BJP-JD(U) against RJD-LJP with Congress playing match referee
Maharashtra – BJP-Shiv Sena against Congress-NCP. This shall go down to the wire as well

A good blog to remain hooked during these exciting times - Lok Sabha Election 2009