So what kind of monster is this CMP to which the markets responded so negatively? The CMP was first drafted not by a Marxist or leftie, but by Mr Jairam Ramesh, one of the Congress's best-known right-wingers. It went through six drafts. The Left suggested more than 50 amendments. But the UPA didn't accept many, especially on economic policy. The emerging compromise reflects the consensus within the multi-party, multi-class, multi-caste UPA.

That's how things should be in a democracy.

The CMP's "six basic principles of governance" are worthy. They emphasise "social harmony" and legal action against obscurantists and fundamentalists. They promise employment-with-growth for "safe and viable" livelihoods for all. They stress women's empowerment and welfare of "farmers and workers, particularly in the unorganised sector."

They pledge equal opportunity for the "SCs, STs, OBCs and religious minorities," and seek to unleash "the creative energies of … entrepreneurs … scientists … and all other productive forces…"

The CMP's highlight is "a National Employment Guarantee Act," minimally providing "100 days' employment" for one person in every poor and lower-middle class household. Agriculture, education, and health figure prominently in the CMP.

The CMP emphasises redressing imbalances between, and within, states through debt relief, development of poor districts, and transfer of Centrally-sponsored schemes to states.

The CMP promises "an independent foreign policy to promote multi-polarity … and oppose … unilateralism." It plays down "strategic partnership" with the US. The emphasis on South Asia and peace with Pakistan is welcome.

However, the CMP does have flaws. To achieve food security, India must immediately universalise the Public Distribution System, not mis-"target" it. The CMP only promises to "move towards universal food security over time, if found feasible. "

The CMP doesn't categorically rule out privatisation of profit-making public sector companies -- only "generally." It promises to retain only the navaratnas under public ownership.

The CMP commits itself to "economic reforms with a human face … oriented primarily to … [improving] … the quality of life of ordinary citizens …"

Reforms with "a human face" is a classic World Bank-IMF formulation. The CMP makes no mention of equity anywhere.

The CMP's position on nuclear policy is retrograde. It wants "a credible nuclear weapons programme," although it pays lip-service to "working for a nuclear weapons-free world." This compares poorly even with the Congress's reiteration of the 1988 Rajiv Gandhi plan for global disarmament.

The Right says the CMP lacks popular sanction. But the people's verdict unambiguously rejected the NDA's economic policies as well as Hindutva, while demanding a leftward policy shift. The electorate overwhelmingly rebuffed "India Shining" which glorified NDA policies. "Feel good" wouldn't have become a bad slogan -- even where the BJP did well -- had people not felt taunted and insulted by it.

The CSDS-Lokniti-Hindu vote-pattern study strongly supports this conclusion -- with regional variations. For instance, Oriyas voted for the BJD/BJP largely out of still-continuing sympathy for Mr Naveen Patnaik (popularity rating, 79 percent -- nearly twice higher than his rival), and because the alternative seemed unattractive.

But few electors voted strongly for the BJD-BJP. They pruned its lead from 13 percentage points to 7 points.

Similarly, MP, Chattisgarh, and Rajasthan voted the BJP as if in continuation of last December's Assembly elections. The Congress was demoralised there. It hardly campaigned.

Karnataka was a case of ticket-splitting and vote transfer to the Janata Dal (Secular) thanks to the Krishna government's poor handling of drought.

The RJD represents self-assertion of the underprivileged, despite Bihar's poor B-S-P record. In UP, the SP and BSP held their own. This means plebeian self-assertion prevailed over "anti-incumbency."

The Gujarat pogrom affected many states. But the BJP lost not because the Muslims voted against it (they have always done so), but because most people found it arrogantly Hindu-sectarian and anti-poor.

Overall, the CMP reflects a mandate for radical change. To deny that is anti-democratic.

But will the "populist" CMP raise the fiscal deficit from 10 percent of GDP to 16-17 percent, bankrupt India, and scare away investors? Is the employment guarantee scheme (EGS) unworkable?

The imperative to raise public spending on health (from 0.9 to 2 percent) and education (from 3 to 6 percent) is supreme. Growth or no growth, a civilised society can't neglect fundamental priorities.

India is one of the world's least-taxed countries, where income-tax is only 1.6 percent of GDP! No nation at a comparable level of development has made progress while levying a top income-tax rate of 30 percent. S. Korea, Taiwan and Malaysia have all had higher top-rates -- 45 to 60 percent. The rich pay even more in Western Europe and Japan.

Our elite must learn to share their wealth. The tax-base must be widened and deepened.

There is tremendous scope for pruning unproductive expenditure -- upon the bureaucracy, paramilitary forces, defence, etc. This can yield savings equalling 3 percent of GDP, fulfilling the CMP's promises.

The claim that the EGS is "unworkable" is rubbish! The EGS idea was mooted in the early 1970s in Maharashtra by Mr Sharad Pawar. This was a resounding success. During the droughts of 1973-75, it prevented thousands of starvation deaths. The EGS experience everywhere is that when implemented with people's participation, it's successful.

The CMP is no magic wand, only a policy framework. But that framework is a great improvement on the Congress's manifesto and even the United Front's programme.

The UPA must not be deterred by the stockmarket crisis. Less than 2 percent of Indians own shares. Dalal Street only has a distant relationship with the real economy.

The UPA will commit a grave blunder if it allows itself to be bullied into adopting conservative policies. If it drifts rightwards, the people will punish it -- as severely as the NDA

Praful Bidwai is an eminent Indian columnist.