A day before, the Indian Finance Minister ("FM"),
Nirmala Sitharaman, presented the Union Budget ("Budget")
of India for the financial year ("FY") 2022-23. With
India's economic growth in the current year estimated to be
9.2% (highest among all large economies), the Budget focuses on
promotion of the digital economy, clean energy, climate action and
private investment with public capital investment.
On the reforms, the Budget proposes to introduce a trust-based
governance for ease of doing business in India. In this regard, the
Budget has announced that necessary amendments to the Insolvency
and Bankruptcy Code, 2016 will be carried out to increase the
efficiency of the resolution process and facilitate cross-border
insolvency resolution along with reduction in time period for the
voluntary winding up of companies from 2 years to 6 months.
Further, acknowledging the extent of private equity and venture
capital investments in the start-up eco-system, the Budget
