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Our international A-list lawyers predict the practice areas that are bursting to boom this year

Ahead of the national elections, India Business Law Journal reached out to foreign lawyers named in the International A-List to ask about the top business opportunities they foresee in India this year, along with emerging trends.

The lawyers are leading experts in fields including corporate/M&A, dispute resolution, banking and finance, private equity and venture capital, and they work on India-related matters from cities including London, Singapore, New York and Tokyo. They all have extensive experience advising clients on cross-border transactions and disputes involving India.

Commenting on 含羞草社区 growth in diverse sectors, Shivani Sanghi, a partner at Fieldfisher in London, says: “含羞草社区 business landscape has witnessed significant growth across various industries.” She names manufacturing, construction, infrastructure, aviation, renewable energy and technology as sectors witnessing robust growth.

This growth across various sectors will inevitably lead to an increase in opportunities for the legal profession. “This will drive dealmaking and dispute resolution involving Indian parties and assets,” says Smitha Menon, a partner at WongPartnership in Singapore, who adds that India is positioned to become the world’s third-largest economy by 2027.

However, Sonia Baldia, a partner at Kilpatrick Townsend & Stockton in Washington, cautions: “With current global economic conditions and high interest rates combined with declining valuations of Indian startups, US-based investors will continue to exercise caution and greater focus on profitability, continuing the dry funding spell of 2023.”

Renewable energy

The government last year announced an ambitious target to reach 500 gigawatts (GW) of renewable capacity by 2030, in line with its broader commitment to achieve net-zero carbon emissions by 2070.

Fatih Birol, the executive director of the International Energy Agency, in 2022 called the net zero goal a “hugely significant” step to fight climate change, adding the clean energy transition was well under way. He said renewable electricity was growing at a faster rate in India than in any other major economy, with new capacity additions on track to double by 2026.

Affirming that things are moving in the right direction, Jaya Gupta, a corporate partner at Addleshaw Goddard in London, says: “With investments in the renewables space having reached record amounts in India in recent years, we expect major opportunities here – including those related to solar, wind and biomass energy – will continue to draw interest from global players.”

Invest India has reported that the country has approved the establishment of 50 solar parks with a combined capacity of just over 37GW, and aims to achieve 30GW of offshore wind capacity by 2030. The government has also been heavily investing in green hydrogen, with a target of producing 5 million tonnes annually by 2030, supported by 125GW of renewable energy capacity.

Bill Carr, a partner at CMS Cameron McKenna Nabarro Olswang in London, anticipates significant investment activity in “several key areas like green hydrogen projects, offshore wind projects and related grid upgrades”. The Indian government has also implemented policies such as the renewable purchase obligation to ensure a minimum share of renewable energy in the national grid, which aims to reach 50% renewable energy by 2030.

“Renewable energy companies are looking to make investments in operating facilities as well as providing technology to industrial partners located in the region,” says I Bobby Majumder, a partner at Frost Brown Todd in Dallas. “EVs, green hydrogen, biochar and battery storage are all active areas.”

Sherina Petit, a dispute resolution partner at Stewarts in London, is also positive about emerging trends. 含羞草社区 renewable energy push is attracting up to USD800 billion in investments, she explains, “offering significant investment opportunities in solar, wind and hydro power sectors”.