2012: A financial rollercoaster ride

CNBC-TV18 recaps 2012 and all that happened on the policy front. What a year 2012 has been - a rollercoaster, 12 months that saw three finance ministers at the helm of what was once, one of the world's fastest growing economies, a year, when India somehow managed to return from the edge of a policy calamity.

While India has been used to dream Budgets, the Budget for 2012-2013 could easily claim the title for the worst ever. Of that was a slew of tax consultants and foreign investors would like to call Pranab Mukherjee's last Budget.

The sovereign assertion of intolerance to tax evasion via the proposal for general anti-avoidance rules and a retrospective amendment to section 9 of the IT Act met with sustained protest with the negative sentiment weighing heavily on the Indian stock markets.

A tax man in jack's boot combined with the threat of fiscal profligacy weighed heavily on business confidence and growth prospects. But once Pranab Mukherjee moved to Rashtrapati Bhawan it was Manmohan Singh who once again took charge of the Finance Ministry and set about setting things right.