Failure to address the core issue of development and overconfidence on the 'false campaign' of 'India Shining' led to the debacle of the Bharatiya Janata Party-led National Democratic Alliance in the elections, leading economists said on Thursday.

They said the new government should bring about balance in economic policies.

"They (NDA) went all out to prove India Shining whereas the reality was much different in rural belt and small towns," Prof B B Bhattacharya of Indian Institute of Economic Growth said, adding that "people who benefited from India Shining did not go out to vote."

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Echoing similar views, Jayati Ghosh of Jawaharlal Nehru University said the new government will have to redirect the economic policy and make adjustments to address the concerns of farmers and unemployed.

The verdict was against the BJP which failed to read voters' mind who were thoroughly dissatisfied with its performance, she said, adding "the new government will have to undertake genuine reforms, put off mindless privatisation like selling profit making PSUs and focus on employment."

Nagendra Kumar of Research and Information Services exuded confidence that reforms would not slacken and instead would be carried forward as there was political consensus on overall the reform process.

"Left Parties have also indicated that they were not averse to reforms. In fact, the CPM in West Bengal is pursuing reforms quite positively," he said and added that the Congress and Left alliance should be able to provide a stable regime.