Even in the power sector, they felt strategy needed fine-tuning to get more capital.

'Energy should be the next priority. There are major power shortages. We must think of alternative sources like solar power and all,' said technocrat Sam Pitroda, who fashioned India's telecom revolution in the 1980s and 1990s.

The new government also resumed charge during some difficult times when economic growth declined from over 9 percent in 2007-08 to just 6.7 percent, even as the failure of monsoon led to drought being declared in 252 out of 626 districts and put pressure on the country's food security.

But the response, some experts maintain, has not been up to the mark, even though the government responded fast and said it would resort to import of food as and when required.

'I feel sectors like agriculture have been largely ignored,' said Dalip Kumar, economist with the Delhi-based think tank National Council for Applied Economic Research.

'Not much has been done for better yields. Nothing has been learned from the past.'

But Chandrasekhar, who was also president of FICCI, maintains that it was because of the government's focused policies that India was able to maintain a growth of over 6.5 percent and that the performance on that count was commendable.

'Through the budget the government put a process by which the revival of the economy was possible after the downturn. It was because of the timely and quick policy actions that economy is showing signs of revival,' he said.

Looking forward, experts also said that a lot more was also required to ensure that all pending reforms were put on the fast track, especially after the clear electoral verdict for the UPA government.

'Many more things that we were expecting has not happened like pension reforms, banking reforms, insurance reforms. But then there is time for that. I hope it will happen in the winter session of parliament,' said FICCI's Mitra.

Well-known economic and corporate analyst Gurcharan Das said the time had also come for the government to shift the focus of reforms to areas equally important for the country and its citizens.

'We have done a good job so far as economic reform is concerned. Now I feel it is time for a great deal of administrative reform, policy reform, judicial reform. We have to work on a more efficient delivery system,' Das said.

'Unless our system is transparent, no reform or development can reach the bottom of the pyramid.'

(Anuradha Shukla and Sanjay Singh can be reached at biz@ians.in mailto:biz@ians.in)