The hike in proposed public investment is not matched bybudget support. Infrastructure growth remains a grey area. Economic policy has ignored the concerns arising from sanctions, the volatile share markets and the second Asian flu that has put the rupee under pressure. In fine, the budget has been a routine exercise without a focus. The policy maker has no footwork. The impact of the Gujarat cyclone on exports from the state's ports has yet to be assessed; there is no strategy of diverting these to other ports. Such omissions and neglect are at bottom responsible for ebbing business confidence. The industrial scenario does have a few silver linings: rising cement offtake, excellent growth in construction and housing finance, high growth in consumer durables, a surge in computer hardware and software. It is time for a SWOT analysis and bold measures to counter weaknesses.