(The views expressed in this column are the author’s own and do not represent those of Reuters)

The Union budget has always provided major policy direction which has been anxiously awaited by the common man and the industry. But over the years, the tax system has become more crystallised and yet expectations have not ceased.

(The views expressed in this column are the author’s own and do not represent those of Reuters)

On February 22, U.S. President Barack Obama’s administration brought out a white paper on corporate tax reform which, if enacted, will make a significant difference not only to America but also to many other countries.

(The views expressed in this column are the author’s own and do not represent those of Reuters)

The RBI took the first step to ease monetary policy by reducing CRR by 50 basis points on Jan. 24. However, it postponed an interest rate cut, in spite of the advice by the special committee, only to confirm its reputation of being cautious. But excessive caution can also cost the country a pretty penny.

(The views expressed in this column are the author’s own and do not represent those of Reuters)

The year 2012 has begun well for the stock market. In just six weeks, the Sensex was up 13 percent which made up more than a half of the fall in the previous 52 weeks. Will this trend survive the rest of the year?

(The views expressed in this column are the author’s own and do not represent those of Reuters)

In the first seven months, the fiscal deficit crossed three-fourths of the target set for the year. This was entirely because the liberal expenditure on current account was not covered by the revenue the exchequer earned. It is quite on the cards that fiscal deficit for the year will exceed the target.

(The views expressed in this column are the author’s own and do not represent those of Reuters)

It will not be before February that the euro zone GDP numbers are out. The available information so far indicates the economy is already in recession. This will have serious consequences for all countries, including India.

(The views expressed in this column are the author’s own and do not represent those of Reuters)

In the first quarter of 2012, the government will be over-crowding the financial market to mop up nearly a trillion rupees. It is forced to borrow mainly because the expected revenue did not come in while the expected expenditures had been met.

(The views expressed in this column are the author’s own and do not represent those of Reuters)

There was a good deal of hesitation on the part of government to introduce the Food Security Bill even after it was recommended by the NAC. The bill, which is now before the parliament, would be adopted with every political party wanting to earn some leverage at the polls at the cost of the exchequer.

(The views expressed in this column are the author’s own and do not represent those of Reuters)

The first big jolt to the market after the 2008 crisis had come last August when FIIs disinvested 95 billion rupees worth of equity and moved into liquid assets. That brought the Sensex down by 1500 points and pulled the dollar up by 4 rupees.

(The views expressed in this column are the author’s own and do not represent those of Reuters)

The economy seems to be heading for a hard landing. The problem is not entirely of our making; partly it is the spillover of the crisis in Europe. Other Asian countries have also been affected but we were hit the hardest.