After more than two decades of stops and starts, there are signs that India may at last be opening its doors to foreign law firms. The move could be a major boon for Western firms with India practices, considering the size of its population (1.2 billion) as well as its prospects for economic growth, especially now that India’s rising GDP is on track to outpace China’s. Not to mention the fact that India’s new business-friendly prime minister is seeking to bring in billions of dollars of foreign investment.
So what’s the reaction from Western lawyers so far? Call it a mix of skepticism and shrugged shoulders, with a dash of cautious optimism thrown in.
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