Shardul Thacker previews the regulatory changes that foreign and domestic businesses may witness during the coming year
India’s fast-moving economy hinges, to a large degree, on timely legislative reform and regulatory development. Authorities must stay on their toes to ensure that the country’s legal framework keeps pace with economic growth.
Partner
Mulla & Mulla & Craigie Blunt & Caroe
Since India started liberalizing its economy, it has also moved to modernize its laws and much recent discussion has focused on a number of areas that may benefit from more comprehensive and effective legislation in the future.
The legislative framework that regulates domestic and foreign corporations operating in India has already been improved.
More work needs to be done but there are changes in the pipeline that may help businesses expand in 2008.
One example is the pending Companies (Amendment) Bill, 2007, expected to be put forward during the winter session of parliament but which may be taken up during the budget session in February 2008. Changes to the country’s policy on foreign direct investment, and the many pieces of legislation affecting it, are also planned.
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Shardul Thacker is a partner at Mulla & Mulla & Craigie Blunt & Caroe, a Mumbai-based law firm.
He can be contacted at shardul.thacker@mullaandmulla.com.
