India Business Law Journal presents its annual report on the state of play in India’s legal market, accompanied by an essential directory of more than 50 of the country’s leading commercial law firms
Legal market report by Vandana Chatlani
India appears to be emerging slowly from the dark shadows that have eclipsed it over the past few years. Indeed, with the Bharatiya Janata Party in power, chants of “India shining” are reverberating through the country’s corporate corridors, replacing the grey language of doom, gloom and uncertainty with glowing words of hope for growth, change, investment and reinvigoration.
The new government, projecting itself as business-friendly, has begun addressing legal and regulatory roadblocks to restore investor confidence chipped away by ambiguous rules, sluggish reforms, retrospective legislation and indecisive enforcement.
“Project-related work came to a standstill,” says Mukesh Butani at BMR Legal, a 40-lawyer firm that recently acquired Acuity Law. “Now there is hope and expectation the thrust on infrastructure will help project work pick up. If India can head to 6-6.5% growth, it would have done very well.”