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Editorial

DOING BUSINESS IN INDIA

Introduction

Economic Growth

India is the world's seventh largest economy by nominal gross domestic product (GDP) and the third largest by purchasing power parity (PPP). India is projected to grow at 7.4% of its GDP in 2018 as against China’s 6.8%, the International Monetary Fund (IMF), making it the fastest growing economy among emerging economies following last year’s slowdown due to demonetisation and the implementation of goods and services tax (GST). According to the figures of the Department of Industrial Policy and Promotion (DIPP), India had received USD 7.59 billion foreign direct investment (FDI) during April-June 2016-17. In ease of doing business report 2018 release by World Bank on October 31, 2017, India jumped 30 spots to number 100. This jump can be attributed to major improvement in significant parameters such as starting a business, dealing with construction permits, resolving insolvency, getting electricity and getting credit, among other parameters.

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Legal Market Overview

The Indian legal market continues to feel the impact of dynamic changes across all practice areas, and the banking, corporate, projects and infrastructure sectors have all seen significant activity in terms of deals and government initiatives over the last year.

The newly introduced Insolvency and Bankruptcy Code (2016) was a key talking point among lawyers in the banking and restructuring sphere; the Code sought to consolidate existing legal frameworks by producing a single law for companies facing insolvency, a move made as part of a continued push towards the streamlining and consolidation of India’s legal structure. Prime Minister Modi’s push towards demonetisation and the move towards a cashless economy has also made a great impact, most notably in the foreign investment and taxation arena. The government’s goods and services tax (GST), which came into force in July 2017, continued the consolidation trend and replaced several central and state taxes with a single unified tax, a move which has been widely welcomed by the business economy.

Advice on infrastructure projects has been in high demand on the projects and energy side, with the renewable energy, railway and transport sectors particularly buoyant. Cross-border projects and joint ventures have also seen an uptick, with many firms handling matters spanning Nepal, Bangladesh, Dubai and Sri Lanka.

Dispute resolution activity remains prevalent across the board, both on the litigation and alternative dispute resolution sides. Arbitration is becoming an increasingly popular route for companies and individuals alike, the recent reforms to the Arbitration Act and the confidentiality of the process being major advantages.

Key players in the legal market include Shardul Amarchand Mangaldas & Co, which is well regarded for its dispute resolution practice, and Cyril Amarchand Mangaldas, which is a key firm on the banking and commercial side. Other names of note include Luthra & Luthra Law Offices, Kochhar & Co., Trilegal and Khaitan & Co..

The In-House Lawyer

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Legal Developments in India

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  • BRAND-JACKING

    WHAT IS BRANDJACKING?
  • Post Marketing Surveillance of Drugs

    Post marketing surveillance is performed after market approval/clinical trials of drugs in India. The regulatory framework for conducting clinical trials of drugs is provided under the Drugs and Cosmetics Act, 1940 (“ Act ”) and the Drugs and Cosmetics Rules, 1945 (“ Rules ”). Further, Part X-A and Schedule Y of the Rules specifically deal with the statutory provisions applicable for clinical trial of drugs in India. Schedule Y divides Clinical trial of drugs into 4 Phases, namely, Human Pharmacology (Phase-I), Therapeutic exploratory trials (Phase-II), Therapeutic confirmatory trials (Phase III) and Post Marketing Trials (Phase-IV).
  • Protection of Biotechnology under Indian Laws

    According to the eighth annual survey conducted by the Association of Biotechnology-Led Enterprises (ABLE) and Bio Spectrum, the Indian biotech industry grew threefold in just five years to report revenues of US$ 3 billion in 2009-10, a rise of 17 per cent over the previous year. Maintaining the momentum of the previous years, the Indian biotech industry grew 16.28 per cent in FY2014; the total industry size was US$ 5 billion at the end of the financial year and it reached US$ 7 billion in FY2015. Fast-paced growth is likely to continue; the industry is expected to increase in size to USD11.6 billion by 2017, driven by a range   of factors such as growing demand, intensive R & D activities and strong government initiatives ( http://www.ibef.org/industry/biotechnology-india.aspx )
  • Cabinet Approves India’s IPR Policy - “Creative India; Innovative India: रचनात्म??

    The Union Cabinet on 13 May 2016 approved the National Intellectual Property Right (IPR) policy roadmap ( http://dipp.gov.in/English/Schemes/Intellectual_Property_Rights/National_IPR_Policy_12.05.2016.pdf ) to foster creativity and innovation, promote entrepreneurship and enhance socio development, enhance access to healthcare, food security and environmental protection. The Policy recognizes the abundance of creative and innovative energies that flow in India, and the need to tap into and channelize these energies towards a better and brighter future for all.
  • Real Estate - India

    Real Estate - India
  • SEBI’s Jurisdiction | Analysis of the Supreme Court judgment in the Sahara case

    The Securities and Exchange Board of India (SEBI) is responsible for investor protection and development and regulation of the securities market in India. The scope of SEBI’s jurisdiction over the issue of securities by public companies is an important issue. This issue was recently considered by the Supreme Court in Sahara India Real Estate Corporation Ltd. and Ors. v. Securities and Exchange Board of India and Anr., MANU/SC/0702/2012; (2012) 8 SCALE 101. This article analyses this judgment and its implications.
  • Mainstreaming the Alternative: Issuance of NCDs

    Debt financing is a significant means for corporates to raise capital. Indian regulators have taken a number of steps to deepen the Indian debt market. Permission has been granted to foreign institutional investors (FIIs) and qualified foreign investors (QFIs) to invest in non-convertible debentures (NCDs) issued by Indian companies. This article summarises the legal and regulatory requirements for Indian companies to issue NCDs to FIIs and QFIs.
  • Options – Not a Part of History Yet

    At the time when India is completing two decades of the economic liberalization there are several laurels which the policymakers can boast of.   The path-breaking shift from the license-raj to a regime focusing on regulation introduced by the Government of India in the landmark year 1991 have been continued through further economic reforms and the same has also found support from the regulators and the market players.
  • Liberalization Back on Track with the Relaxation of Share Transfer Norms

    Soon after the rollback of the much criticized aspect of the Consolidated Foreign Direct Investment policy dated October 1, 2011 which treated foreign investments in Indian securities as external commercial borrowings in case such investments conferred options on the foreign investors, the policy makers have brought more good news for the investor community.
  • Franchising in India

    In the last two decades, India has witnessed a sea change in its foreign investment policy resulting in it being one of the most preferred investment destinations. With growing globalisation and liberalisation, brand awareness has been created in the Indian masses and today India is the one of the biggest and fastest emerging markets for various businesses across the world. Being geographically vast and culturally diverse, India offers the most favorable franchising environment with a huge consumer market. Franchising in this respect has managed to pick up as a successful business module for local companies in India.

Press Releases worldwide

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