Foresight 2024 - Traversing the legal and regulatory terrain amidst global headwinds

2023 was a year marked by recalibration and recovery across global markets. As we step into 2024, businesses across the globe are fast-tracking endeavours to not only seize the unique opportunities ahead but also strategising how to tackle the challenges that a rapidly evolving landscape is sure to present.

While geopolitical concerns in a world with volatility, uncertainty, complexity, and ambiguity (VUCA) continue to loom over global markets and make investors cautious, India remains largely insulated for now, with steady domestic growth and continued appeal for global players. With this context, we attempt to gaze into the crystal ball and present some key themes expected to play out in the fourth edition of ‘Foresight’. 

Although most of India Inc is set to undergo a board reshuffle this year, deal activity seems poised for an uptick, with the technology space looking promising, especially as India continues its efforts to build a robust semiconductor ecosystem. The year ahead will see an exciting pipeline of initial public offerings (IPOs), emergence of the private credit market, and major legislation changes for the digital and emerging technologies.

A sharper focus on clean energy and battling the climate crisis is another key theme. India’s efforts on the clean energy front are evident with its recent steps to bolster renewable energy, green hydrogen and electric vehicles (EVs) alongside an evolving environment, social and governance (ESG) regime.

We also expect to see significant strides in technology regulations, right from antitrust law to taxation levied on the online gaming sector to the proposed stringent action against deepfakes. The implementation of the brand new Digital Personal Data Protection Act and the introduction of the much-anticipated Digital India Act will also be pivotal areas to watch out for this year. In the leap year of 2024, marked by the upcoming XXXIII Olympic Games, the resonating Olympic motto Citius, Altius, Fortius - Communiter (Faster, Higher, Stronger - Together) establishes the prevailing ethos for the year ahead.

I do hope you find this compilation of crucial developments for India Inc an interesting read and look forward to your feedback.
 

Rabindra Jhunjhunwala, Partner