Indian Economic Landscape – Budget 2013

Mr. Chidambaram’s closing lines, in the words of his favorite poet – Saint Tiruvalluvar, in his Union Budget 2013 Speech, “Kalangathu Kanda Vinaikkan Thulangkathu Thookkang Kadinthu Seyal” – What clearly eye discerns as right, with steadfast will And mind unslumbering, that should man fulfil!

Mr. Chidambaram had raised the Bar of expectancy. He had quickly reconstituted his team at the Finance Ministry in August, 2012. His Mantra of “clarity in tax laws, a stable tax regime, non-adversarial tax administration, a fair mechanism for dispute resolution and an independent judiciary”, caught the fancy of all who dealt with the executive machinery which administered taxes in India.

The Union Budget and the Finance Bill, 2013 was the platform in which the people believed he would fulfill the promises he had held out. However, there is a big disappointment to the tax-paying community as there were no provisions in the Finance Bill which undid the damage done by the previous Finance Act.

Indian Economic Landscape – Union Budget 2013