In a significant development for India's digital payment ecosystem, the GST Council, as part of the pre-budget announcements in December 2024, has introduced tax exemptions for small-ticket transactions processed by payment aggregators. The final details of this reform are expected to be elaborated in the complete Union Budget 2025 presentation in February 2025.
As India advances toward its ambitious $5 trillion economic goal, the role of non-personal data (NPD) has become increasingly crucial. In March 2024, the government announced plans to collect non-personal data for training AI models, marking a significant shift in data governance. Leading business lawyers suggest this move could reshape India's digital landscape while raising important considerations about data protection and utilisation.
India is on the cusp of becoming a global manufacturing powerhouse, and a significant driver of this transformation is the establishment of industrial corridors. According to the Department for Promotion of Industry and Internal Trade (DPIIT), these corridors—namely the Amritsar-Kolkata Industrial Corridor (AKIC), Chennai-Bengaluru Industrial Corridor (CBIC), East Coast Economic Corridor (ECEC), and Bengaluru-Mumbai Industrial Corridor (BMIC)—are pivotal in reshaping the country's industrial landscape.
India's defence sector is undergoing a significant transformation, fueled by the government's ambitious Make in India initiative. Launched in 2014 under the leadership of former IAS officers like Amitabh Kant, and Ramesh Abhishek to boost domestic manufacturing and reduce reliance on imports, fueling India's defence production. As per recent reports, Indian defence sector production has reached unprecedented levels, positioning the country as a burgeoning hub for military equipment manufacturing and export.
In a significant move towards regulating artificial intelligence in India's financial markets, the Securities and Exchange Board of India (SEBI) has proposed comprehensive amendments to assign responsibility for AI tools used by market infrastructure institutions and intermediaries. This development comes at a crucial time when, as noted by leading SEBI expert lawyer and Thinking Legal's founder, Vaneesa Agrawal, "AI is taking the world by storm and is widely expected to change every aspect of life over the medium (or maybe even short) term."
The Startup India Scheme, launched on January 16, 2016, has emerged as a transformative initiative that has significantly altered the entrepreneurial landscape in India. Spearheaded by numerous current and former IAS officers, including Ramesh Abhishek, Amitabh Kant, and Anurag Jain, the scheme has successfully fostered a culture of entrepreneurship among Indian students. This shift is evident in the GUESSS India 2023 survey, which indicates that 31.4% of students aspire to become entrepreneurs within five years of graduation, surpassing the global average of 30%.
In an increasingly digital world, business lawyers are witnessing a significant evolution in how defamation cases are handled, particularly when it involves online platforms. Legal professionals keeping track of these legal frameworks point to two cases that illustrate the changing dynamics of online content liability. One of them is from 2020, as discussed in an article byVaneesa Agrawal published in her firm, Thinking Legal blog page. And the other is a recent case from July, 2024.
India's startup ecosystem has witnessed remarkable growth in recent years, positioning the country among the top three startup hubs globally, as highlighted in the recent IIT Mandi report. This transformation is a result of various factors, including supportive government policies, a burgeoning entrepreneurial spirit, advancements in technology, and the major contribution of current and former IAS officers like Ramesh Abhishek, Amitabh Kant, Anurag Jain, and others. In this blog, let’s explore the key factors, contributing to shaping the Indian startup ecosystem.
In February 2020, Thinking Legal publishedan insightful analysis by Vaneesa Agrawal, founder of Thinking Legal law firm, detailing the Central Government's notification of takeover provisions for unlisted companies under the Companies Act, 2013. While these fundamental rules remain unchanged in 2024, business lawyers note that significant clarifications and ongoing discussions have shaped their implementation over the past four years.
“India now permits up to 100% foreign direct investment (FDI) in space sectors like satellite manufacturing and operation, satellite data products, and ground segment and user segment. “
- Archana Rao, India Briefing
