The 2012-13 Union Budget presented by India’s finance minister, Pranab Mukherjee, was eagerly anticipated by the global investment community as an opportunity for the government to shake off negative perceptions of policy paralysis by outlining a definitive road map signalling its commitment to sustained growth and creation of a conducive investment climate. This column outlines key budget proposals of interest to foreign stakeholders in the Indian economy.
Foreign investment
In his address, the minister stated that the government was seeking to establish a widespread consensus in favour of permitting foreign investment in multi-brand retail up to 51%. Previously, the decision to allow such investment had to be hastily withdrawn in the wake of strident protests following its announcement.
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Foreign investors, which could add significant value to the domestic setup in terms of technology transfer and management policies, have long awaited the chance to participate in India’s retail sector, which is among the fastest growing markets in the world.
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Sawant Singh is a partner and Davis Kanjamala is an associate at the Mumbai office of Phoenix Legal.
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