The last week in India saw the new Union budget 2011-13 being
presented in the parliament. The much awaited verdict of the
Supreme Court of India (SC) in the case of Vodafone International
Holdings B.V. (Vodafone) also came out along with the verdict on
the controversial 2G spectrum case, however the SC decision in the
Vodafone case is proposed to be nullified by the provisions in the
new Union budget. The past few months in India have also seen
some fundamental changes in the tax and capital markets
regimes. We set out below a summary of the Union budget, the
judgments and the changes:
Highlights of the Indian Budget 2012-13
Background
The Indian Finance Minister presented the Budget of the
Government of India for the financial year 2012-13 along with the
Finance Bill 2012 on 16 March 2012. As expected, the main
areas of the Budget were the infrastructure, power and the
agricultural sectors, with a focus on maintaining the momentum for
growth. To broaden
