Growing Business Opportunities in India: Legal Perspective
The coronavirus global pandemic has caused a widespread medical exigency across the globe which has even raised questions with respect to the survival of humans. Although there exists another potent threat which is directly associated with this global pandemic i.e. the global economic slowdown and global recession. In the recent times, with the Make in India initiative of the Modi government has made India stand out as a global manufacturing hub. Further, with the advent of the initiative towards the Startup India programme, there has been a rapid increase in the number of Starups in India across all the industries and sectors while increasing growth opportunities. Further, with the arrival of the global giants like Amazon, Boeing, IKEA, Uber, Walmart etc and the several rounds of funding raised by the Indian startups from various different Venture Capitalists across the globe, the entire business ecosystem in India has seen a steep growth and rise in the business development and opportunities. The transactions with respect to Foreign Direct Investments (FDI), Joint Ventures (JV), Mergers & Acquisitions (M&A) have also seen a steady increase and India has become a global destination for businesses.
The primary reasons for the growing business opportunities in India are:
- Visionary & Stable Government: The NDA Alliance and the Modi government have clear majority in the Indian Parliament and have a vision with respect to the economic development while supporting trade and commerce and especially exports.
- Dynamic Legislations: The government has enacted legislations like the Insolvency & Bankruptcy Code of 2016 and has further made amendments in the Consumer Protection Act, the Arbitration & Conciliation Act vis a vis bringing in changes in the Rules & Regulations with respect to Intellectual Property (IP) laws.
- Independent & Transparent Judicial System: The Indian judicial system can be termed as a bit slow, however, the same is independent, impartial and transparent.
- Data Protection & Data Privacy Laws: The Government of India has proposed a new bill i.e. the Personal Data Protection Bill of 2019 while the Hon’ble Supreme Court in K.S. Puttaswamy (Retd.) v. Union of India W. P. Civil No. 494 of 2012 has recognised right to privacy as a fundamental right.
- Protection of Intellectual Properties (IP): The Government of India has already enacted legislations for the protection of the IP by extending protection and safeguards to the brand name and marks, literary and artistic works, programme codes, softwares, inventions and innovations respectively. The rules and regulations with respect to the IP have also undergone changes, to suit the latest developments.
The above mentioned pivotal reasons are just a few important reasons which are to be considered by any business or Corporation while commencing their business and commercial activities at a given place and time and fortunately all of these are present in India.
Authored By: Adv. Anant Sharma