Simon Cox, senior business writer, The Economist

Mumbai: This has been the most "challenging of the last four years", according to the finance minister, but the budget was an easy one.

The finance minister had the means to scatter his largesse liberally, thanks to buoyant revenues. He had the motivation to do so; upcoming elections. He even had an alibi; the desperation of some indebted farmers and a discernible slowdown in industry.

Thus, by the time the monsoon falls this year, Rs50,000 crore of loans will be washed from the slates of cultivators.

By a rough calculation, the bail-out will cost almost Rs3 crore for every recorded farmer suicide in 2005.

Sadly, his coffers are full only because the economy has outdone itself in the past two years, growing at an unsustainable rate. India's growth story has been "inspiring", as the finance minister said.

But it has also been rather flattering to the finances he keeps.