India’s year of opportunity

What might 2008 hold for all those whose fortunes rest on the business of law, and the law of business, in India?

It’s the time of year to reflect on what’s passed and look ahead to what the coming year may bring. It’s not the place of India Business Law Journal to expound on what anybody should or shouldn’t do or think. What we can do is look at the subjects we covered and make the connections and conclusions they suggest.

The picture, unsurprisingly, is mixed. Our Cover Story this month (see Deals of the Year on page 11) showcases Indian and international law firms at their best, working together to bring unprecedented transactions – both in terms of value and complexity – to fruition.

At the same time, however, our Spotlight (see Laws of competition on page 32) and Vantage Point (see India in 2008 on page 29) features both point, among other things, to a seemingly growing trend towards more stringent regulation of domestic and international companies. Such a trend is exemplified in the Competition (Amendment) Act, 2007, which is pending only presidential assent to become law. This will introduce tougher compliance requirements than the original 2002 Competition Act appeared to envisage and may catch a large number of international deals in its bureaucratic net. Qualified commentators fear the new measures will prove unworkable.