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Editorial

DOING BUSINESS IN INDIA

Introduction

Economic Growth

India is the world’s sixth largest economy by nominal gross domestic product (GDP). According to the data, India’s Gross Domestic Product (GDP) has amounted to USD 2.59 trillion and the country’s economy has grown at a seven-quarter high of 7.7 per cent in the last three months ended March 2018 . India is projected to further grow at 7.4% of its GDP in 2019 as against China’s 6.8%, making it the fastest growing economy amongst emerging economies. According to the figures of the Department of Industrial Policy and Promotion (DIPP), India received USD 7.59 billion foreign direct investment (FDI) during April-June 2016-17. In the ease of doing business report 2019 released by the World Bank on India climbed 23 places from 100 to 77 among the 190 countries surveyed.

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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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