2024: A year in summary for India business and markets

The nation strengthened its standing as a global economic superpower, with its GDP growth rate now at approximately 6.5%, driven by the world's largest domestic consumer market and helpful federal government initiatives to boost areas such as manufacturing and infrastructure.

In 2024 India put in place the Production-Linked Incentive (PLI) scheme resulting in increased foreign direct investment in several industries such as technology, life sciences and energy.  This largely boosted employment in the world's most populous country and put India right on the map as a global manufacturing centre, increasing exports and reducing reliance on imports.

In the technology industry, India's digital economy continued to expand and is forecast to reach $1 trillion in the coming year.  The government's drive towards digital inclusion, through schemes such as Digital India, helped spread access to both the internet and digital facilities throughout the country.  The start-up ecosystem in India has flourished, with India now having over 115 unicorn companies.  A large amount of innovation has particularly been seen in the fintech, healthcare and education technologies.

In the area of climate action, India has become a world leader in terms of progress to renewable energy, setting a target of 500 gigawatts of renewable energy capacity by the 2030, aligning with its pledge to reach net-zero carbon emissions by 2070.  This has been helped by significant growth in the electric vehicles industry together with investments in charging infrastructure.

India's push to advancing the ease of doing business has led to positive results, with India rising in global rankings as a result of regulatory changes and more efficient processes.  This has led to a positive ecosystem for both domestic and overseas companies to thrive in the market, making India one of the world's most attractive destinations for investment.

Alongside the rise of India as an economic powerhouse, we were delighted to announce that DWF became the first law firm located outside India to have a 100-lawyer strong India Group.  The DWF India Group was formed on Diwali in November 2023 and since then it has grown substantially, now consisting of 107 lawyers from 16 practice areas, 9 sector groups and 9 jurisdictions.

The DWF India Group won the Excellence in Law category at the GG2 Leadership Awards in front of the former UK Prime Minister Rishi Sunak.  It was also shortlisted for the award of “Legal Practice of the Year” at the 6th Annual UK-India Awards in 2024. On 20 June DWF hosted its first ever India client reception in our London office, with over 150 registered attendees and over 40 DWF lawyers from 9 of our offices in 5 countries including the UK, France, Poland, Italy and UAE attending.

Dhruv Chhatralia BEM was named to the India Business Law Journal’s International A-List 2024 featuring the world’s top-tier international lawyers outside India, based on recommendations by general counsels and lawyers at Indian law firms, for his work on cross-border aspects of India-related matters.  The International A-List features the world’s top-tier international lawyers outside India, based on recommendations by general counsels and lawyers at Indian law firms, for their work on cross-border aspects of India-related matters.

Gianni Vettorello from our Milan office and our India Group was also successfully elected as president of the India Business Forum of Italy in 2024.

The DWF India Group published 12 articles in 2024 co-authored by over 45 fee earners, covering key updates in the India market.  These articles have been compiled in this guide summarising the key developments for each month in 2024 for India business and markets.  These articles cover a wide variety of topics including:

• January 2024: venture capital and private equity funds are poised to pay close attention to India's growth strategy in the coming years as it sets its eyes on an ambitious foreign direct investment target. Read the article here
• February 2024: India's economic rise - budget and other news signals sustained growth in 2024 and beyond. Read the article here.
• March 2024: India outpaces China in FDI, rise of IPOs in India and surge in GDP growth in India. Read the article here.
• April 2024: India's embrace of sustainable finance is revolutionising its financial landscape and driving economic growth, whilst championing environmental stewardship and social progress. Read the article here.
• May 2024: The rapidly growing technology sector in India and innovation through pioneering technologies, the expansion of Digital Stack exports to the Global South and India's large Web3 ecosystem. Read the article here.
• June 2024: A new government, but the same economic fundamentals. India's future remains bright with economic momentum predicted to continue through 2024-25 and beyond. Read the article here.
• July 2024: The newly elected government has reaffirmed its commitment to structural reforms, digitalisation, and infrastructure development, while actively engaging in global climate initiatives. Read the article here.
• August 2024: India’s 2024 budget marks a significant shift in the government’s priorities, focusing on rural development, job creation, and agriculture. We summarise our key highlights and the key considerations. Read the article here.
• September 2024: India boasts an impressive railway system spanning 42,616 miles and sitting as the fourth-largest rail network in the world, often referred to as the Lifeline of the Nation. We analyse how the Indian rail network and infrastructure-focused legislation has progressed in the last year. Read the article here.
• October 2024: India stands on the brink of a digital revolution poised to transform its economy and society. By 2030, the digital sector is projected to grow fourfold, offering an additional opportunity worth $900 billion. Read the article here.
• November 2024: We have seen an increase in the activity of key sectors in the Indian market - including Real Estate, Aviation and Renewables. Read the article here.
• December 2024: Foreign Direct Investment (FDI) inflows into India exceeded USD 1 trillion between April 2000 and September 2024 establishing the country as a key investment destination. As a result, there is a growth in Artificial Intelligence (AI) and Start-Ups. Read the article here.

We hope that you find our collection of articles interesting and we would welcome any feedback that you may have.

Download the report here