Undoing the damage
The stock market is by far the best aggregator of news, good and bad. Expectations were running high on Dalal Street that the Union Budget 2012-13 would help clear the web of uncertainties surrounding India’s economy. All eyes were on Finance Minister Pranab Mukherjee to revive business sentiments and kick-start the economy that was slowing down to sub-7 per cent growth levels. But he ended up further straining the nerves of India Inc by proposing new elements such as the General Anti Avoidance Rules and a plethora of other amendments to tax laws.