Reliance Debt Refinancing Touches Rs 2,000 Crore

In the overall environment of a market economy, election manifestos of political parties need to be seen as a means of product differentiation. Like in other markets, in the political commodities market, too, the more a product is differentiated from its substitutes, the easier it is for it to create a niche for itself and the more saleable it becomes.

Seen as such, while both the major political parties have failed, the failure of the BJP-led National Democratic Alliance (NDA) is more apparent. For the BJP, the need to differentiate its economic agenda from the Congress's arises from two reasons; first, that the BJP is largely seen as the Pavlovian dog of the Congress as far as economic policy goes and second, the fact that the differentia specifica of the BJP -- Hindutva -- has been consciously pushed to the background.

The general impression that there is a complete consensus on economic reforms amongst major political parties is misplaced. There is certainl