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AASHIRGURKAR&ASSOCIATES

ECONOMY OF INDIAThe independence-era Indian economy was based

on a mixed economy combining features of capitalism and socialism

India adopted liberal and free-market principles and liberalized its economy to international trade

Tenth-largest economy in the world by nominal GDP

Third-largest by purchasing power parity (PPP)Country's economic growth progressed at a rapid

pace, with relatively large increases in per-capita incomes.


India is the 19th-largest Exporter and the 10th-largest Importer in the world.


Global Trade RelationsIndia is a founding-member of General Agreement on

Tariffs and Trade (GATT) since 1947 and its successor, the WTO

India's major trading partners are the European Union, China, the United States of America and the United Arab Emirates

Major export commodities included engineering goods, petroleum products, chemicals and pharmaceuticals, gems and jeweler, textiles and garments, agricultural products, iron ore and other minerals

Major import commodities included crude oil and related products, machinery, electronic goods, gold and silver


INDIA OPENS DOOR TO FOREIGN INVESTMENTIndia allowing big foreign retailers , foreign

broadcasters and foreign airlines to invest in the country

Bringing in big foreign brands, like Wal-Mart which can now open stores in India in partnership with a local company, is expected to help.

The government also allowed foreign airlines to purchase 49% percent of an Indian airline, and investment in broadcasting companies.


Foreign Direct Investment

•India has positioned itself as one of the front-runners of the rapidly growing Asia-Pacific region•The second most important FDI destination (after China) for transnational corporations during 2010–2012.*•Mauritius, Singapore, US and UK were among the leading sources of FDI.•Higher inflows were services, telecommunication, construction activities and computer software and hardware.•India has strengths in telecommunication, information technology and other significant areas such as auto components, chemicals, apparels, pharmaceuticals, and jeweler•India has a large pool of skilled managerial and technical expertise

*Note:- Information based on United Nations Conference on Trade and Development (UNCTAD) survey


EMPLOYMENT

Agricultural and allied sectors accounted for about 52.1% of the total workforce

Avenues for employment generation have been identified in the IT and travel and tourism sectors, which have been experiencing high annual growth rates of above 9%

The 11th five-year plan has also identified the need for a congenial environment to be created for employment generation, by reducing the number of permissions and other bureaucratic clearances required


INDIA LARGEST TRADING PARTNERThe rapid and sustained growth of the Indian economy has

increased demand for lawyers with international and cross-border commercial legal services experience to service the needs of foreign investors, multinationals and Indian exporters The availability of commercial legal services spanning the laws of multiple jurisdictions (fully integrated legal services) contributes to the security and predictability of the local business environment and is a catalyst for foreign investment.

The legal services market in India is currently closed to foreign lawyers, even for the practice of foreign law.

The benefits to India’s legal services sector could be expected to include innovation in the supply and delivery of commercial legal services, improved client responsiveness due to increased choice in legal services providers, cost efficiencies in the supply of legal services, and enhanced availability and standards of professional training.


LEGAL PROCESS OFFSHORINGThe median annual salary of a lawyer in the United

States is around $95,000. The median annual salary of a lawyer in India is around $20,000 per year. This significant salary differential is prompting a growing number employers to export legal work to low-wage, developing countries overseas

India is currently the leading destination for off shoring legal services. With tens of thousands of students graduating from India’s law schools each year, India boasts an enormous labor pool of highly trained, English-speaking lawyers. Like the U.S., India’s legal system is based on British common law, reducing the learning curve for Indian legal employees who work for clients


GROWTH OF LEGAL PROCESS OFF SHORING The advent of the Internet, increased automation

of legal processes, developments in data security, new technology tools, economic changes and the availability of well-educated low-cost foreign labor have combined to instigate and energize the LPO occurrence. Legal Processing Off-shoring is occurring in nearly all sectors of the legal services industry.

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Litigation Support FunctionsLawyer FunctionsParalegal Functions

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