Prime Minister Atal Behari Vajpayee said it was a novel budget and the ideologue of the BJP-led government, home minister LK Advani, said he regarded this as a firm, resolute step for the implementation of the national agenda with a swadeshi thrust. Industry had been provided a level playing field even while widening the doors for foreign investment.

But the opposition was sharp in its attack -- be it the Janata Dal, United Front, Congress or the Left. They all termed it as anti-people and inflationary.

Manmohan Singh attacked the finance minister saying that the budget was utopian as it did not take into account the realities. "Where are the provisions to counter the sanctions imposedby the international community?" he asked.Singh said the government had presented an anti-farmer, anti-industry and anti-people budget. Farmers would have to pay more for fertiliser, industry would have to pay more because of customs duty rises and foreign investors would not feel attracted to invest in a depressed market where inflation would be increasing and demand would be coming down.

Advani countered him by saying that farmers and the rural sector had to gain the most from the budget. Yashwant Sinha deserved kudos for his numerous innovative ideas and his focus on rural development, education and the "bhagidari" sector, which included the small sector. The kisan credit card, persons of Indian origin card for NRIs, and the Saral, Samadhan and Samman ideas in income tax have added new dimensions to budgeting.

UF spokesman S Jaipal Reddy and CPI leader GUrudas Das GUpta said that the petrol price hike would only add to inflation. It was woorisome that the government had opened up blue chip PSUsfor disinvestment to foreigners.

Both of them were concerned about the lack of planning to meet the sanctions. Reddy said, "It was an accountant's budget and not economist's".

Advani was highly appreciative of resilience of Indian economy and said "One of the most remarkable things is that even 15 days before (the sanctions were imposed) the budget would have been the same." Asked about the not-so-high allocation for defence, Advani said our internal security atmosphere was something to worry about. The country had earmarked enough for defence and Sinha mentioned that more demands from it too could be considered.