What’s Hot: Promising Growth Ahead: International Lawyers Forecast India’s Expanding Sectors
India Business Law Journal June 25, 2024
The article from India Business Law Journal features insights from international lawyers about the booming practice areas in India ahead of national elections. Lawyers from cities like London, Singapore, New York, and Tokyo discussed the growth of various sectors, including manufacturing, construction, infrastructure, renewable energy, and technology, which they expect to drive legal opportunities through increased deal-making and dispute resolution.
Experts predict robust growth in sectors such as manufacturing, renewable energy, and technology, positioning India to potentially become the third-largest economy by 2027. However, despite this optimism, some lawyers caution that economic challenges remain, particularly concerning startup funding and investor sentiment. India's ambitious goal of achieving 500 GW of renewable energy capacity by 2030 is attracting significant investment and interest. Moreover, the country is emerging as a global technology services hub, with a flourishing landscape for AI, cybersecurity, and digital transformation, which is expected to drive increased mergers and acquisitions as well as intellectual property agreements. In the healthcare sector, rapid expansion fueled by investments contrasts with specific setbacks in the education sector, which continues to thrive overall.
Vinita Mehra, a director at Kegler Brown Hill + Ritter, emphasized the potential for edtech startups, stating, “Edtech startups and platforms attract overseas funding with 100% FDI allowance in the sector.” She also noted that according to the Asian Development Bank, “the Indian economy is expected to grow 8% in the next five to six years,” and highlighted that top sectors with excellent returns could be “healthcare and insurance, renewable energy and automobiles.”