Dear Sir,
Most investors already include India in their plans, not only as an investment destination but in their search for business partners.
As the Reserve Bank of India continues to liberalize its regulations, the country is entering an exciting phase in terms of companies investing abroad – an intellectually stimulating time for lawyers.
In the year ahead, there are likely to be a number of areas with considerable movement.
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The food business will be streamlined and the Food Act implemented. The consolidation of laws related to food has been ongoing and will put India on par with international standards for packaging and declarations. Streamlining these laws could lead to an investment boom. International brands are already looking at India.
The outsourcing business will get a boost, particularly the legal process outsourcing vertical. The huge potential of the industry has already been tapped, although it is worth considering whether the opening of the Indian market will get in the way. The pie may just be large enough for both. Allowing foreign firms to enter India would be a huge step and would benefit Indian corporate lawyers.
The infrastructure sector will also see growth this year. Infrastructure is necessary for India to maintain sustainable growth. Emphasis will likely be placed on big airport projects, state connectivity and smaller cities – where most big manufacturers have their plants.
Another sector likely to get a lot of attention is healthcare, with new initiatives gaining momentum.
While these sectors are likely to get considerable attention, there is an area that should not be ignored. Indian companies should be encouraged to act in a more corporate responsible fashion. Corporate responsibility should be a mandatory requirement for Indian companies and MNCs, whether through better environmental protection or social business plans.
Vinod Mabhobani
Vice President – Legal
Yum! Restaurants
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