"The more corrupt the state, the more numerous the laws." – Tacitus 1

ABSTRACT: India's growth story is connected with law, as law shapes business culture and attitudes of investors; it also becomes relevant to examine law in light of the cause-and-effect relationship between legal reforms and economic growth. A well-governed system of law instils greater investor confidence that they can undertake business without uncertainty, and consequent economic growth happens. For India to become a global economic powerhouse, legal reforms must take place in innumerable areas such as corporate law, taxes, dispute resolution mechanisms, labor law and foreign investment policy. Moreover, given that India is seeking to be 'developed' by 2047 (Bharat@100), legal reform is required to develop a vibrant or healthy business ecosystem.

I. INTRODUCTION

India's economic journey is intrinsically related to its legal system, which furthers its business culture, investor perception, and how business is done. The topic also reminds us of the legal reforms leading to economic growth and causality. A governed legal system assures an investor that there is certainty, promoting investor confidence and ease of doing business, thereby contributing to economic growth. Reforms in corporate law, tax, dispute resolution mechanisms, labor laws, and foreign investment policy are essential to help develop India into an economic powerhouse in the global economy. Since India is attempting to become a developed economy by 2047 (Bharat@100), legal reforms is important to helping build a robust and innovative business ecosystem.

The recent efforts, especially with the Jan Vishwas Bill (2022)2 that seeks to decriminalize petty offenses, are promising. However, the shortfall of effective policymaking still exists. Effective implementation is at most a gap to close with efficacy through strong institutional arrangements. While India must learn from the leading practices, respecting the differences in institutional structure and bureaucratic functions, harnessing the efficiency of the Chinese judicial system and positive feedback effect of their policy coordination would help India establish regulatory streamlining and fiscal decentralization to push the pace of economic development.

With the International Monetary Fund (IMF) estimating a GDP growth rate of 6.5% for 2024-263, India is at a tipping point to bring institutional and policy reforms to bear on its economic future. This paper aims to explicate the role of the legal system in the realization of an open economy providing a conducive, efficient, and pro-enterprise environment, consistent with India's mission to become an economic superpower in time for its 2047 milestone.

II. THE LINK BETWEEN LEGAL REFORMS AND ECONOMIC GROWTH

Legal reforms create the enabling environment for business success by removing unpredictability and ensuring fair competition. The most efficient, effective and open legal system creates favourable socioeconomic conditions, protects property rights, enforces contracts and clusters disputes-- all without inefficiencies. An inefficient or bureaucratic legal system creates inefficiencies, encourages corruption and resistance to investment. National rankings based on ease of doing business and national competitiveness highlight the importance of legal and regulatory reform. Overwhelmingly, rankings show a correlation between the fewest laws and administrative barriers to enforcement, negating inefficiencies, all while maintaining the highest investment attraction and innovation. 4

III. IMPORTANCE OF LEGAL REFORMS AS A DRIVER OF ECONOMIC GROWTH

1. EASE OF DOING BUSINESS

India is making a demonstrable improvement in the Ease of Doing Business (EoDB), represented by the Confederation of Indian Industry (CII), through regulatory simplification and removing bureaucracy CII is asking for the following landmark reforms of importance to business: to amend economic laws to remove the threat of criminal penalties for economic-based offences; and, for enforcement of contract and corporate governance laws that assist in quick resolution of disputes5; and, to implement the National Single Window System (NSWS) to ensure approvals and licenses are obtained as expeditiously as possible. These reforms have allowed India to move from a 130th place on the Ease of Doing Business (EoDB) scale in 2016 to now 63rd by 2020. Since 2016 the Ministry of Corporate Affairs (MCA) has made changes to the Companies Act on 2 further occasions (2019 and 2020) regarding changes to existing penalties, filing obligations and other changes in the Companies act. 6 However, achieving true uniform compliance between the states as well as eliminating redundancies in compliance even between centralized and decentralized (state) compliance frameworks, is difficult. Furthermore, India can make the business environment even easier, by eliminating compliance burdens associated with registration, taxes and licensing. 7 The more simplified the rules are, the more businesses will consider starting-up; with the digitization of legal rights, by way of example of high-demand AI compliance tool and online dispute resolution for efficiency and transparency. 8 There is ample opportunity to advance the state and public private partnerships that would support the encouragement districts for start-ups and MSMEs and further afield; with further expansion of the NSWS already proving to facilitate unobstructed and seamless trade and investment activities, while reforms such as GST 2.0 and easy land acquisition for industrial purposes will ultimately enable further change across the industrial sector; and ultimately supporting the on-going growth of a world class business ecosystem in India as a place that will welcome suitable investment, and for India to provide a fair, transparent and business sector friendly regulatory oversight on its behalf9.

2. JUDICIAL REFORMS

A strong and independent judiciary provides a stabilizing influence on economic activities and investor trust. Unfortunately, businesses in India10 continue to deal with uncertainty as a result of judicial delay, litigation backlog, and an inconsistent enforcement of contracts. In response to the latter issues, judicial reforms have included fast-tracking resolution of commercial disputes with fast-track courts, improving the processes of arbitration and mediation, and reforming and modernizing court processes. The Insolvency and Bankruptcy Code (IBC) has been amended to provide faster recommendations. In addition, forms of Alternative Dispute Resolution (ADR), especially arbitration and mediation, are becoming embraced as preferred and cost-effective ways of helping to manage litigation costs and relieve the pressure on courts. Institutions such as the CII Alternative Dispute Resolution Centre give dedicated, business friendly options! A strengthened anti-corruption policy framework, backed by a series of legislation that enhance legislative bodies and the judicial process, would improve governance and accountability and increase India's attractiveness as a destination for foreign investment. A rational court process that is not bound by bureaucratic time constraints is not only looking out for business interests; it limits friction where variables can undermine investment friendly environment11.

3. FINANCIAL REFORMS FOR CAPITAL MARKET DEVELOPMENT

India's economic ambitions for 2047 require a financial ecosystem capable of delivering efficient credit, protecting investors, and offering exigent and transparent financial regulations. MSMEs, which are the backbone of the economy, need more than $800 billion of funding by 2030, with demand-side reform seriously needed to improve credit access through digital verification and fintech solutions12. The sustainability of India's economic aspirations will depend on a progressive taxation framework and lower corporate taxes, clear and manageable customs duties and direct taxation, and straightforward company tax regimes. The attractiveness of capital markets can be improved by boosting the attractiveness of pension and insurance fund investment within capital markets, increased financial liberalization, and a relaxation of financial regulation in the financial markets to improve liquidity, and thus lower the cost of capital13. In addition, greater financial access, for instance through the Pradhan Mantri Jan Dhan Yojana (PMJDY), along with stricter consumer protection laws and AI to ascertain risk, and blockchain to mediate financial contracts, will provide greater financial means for consumers to participate in the economy. Reforms in the banking sector, including updates to the Insolvency and Bankruptcy Code (IBC)14 to reduce the time to resolve disputes; upgrades to the balance sheets of public sector banks, will increase liquidity and allow for greater business growth. Making regulatory policies predictable and digital banking innovations, India can have a robust and dynamic financial ecosystem that can support ongoing economic growth.15

4. STRENGTHENING INSTITUTIONAL FRAMEWORKS FOR INVESTMENT GROWTH

The Global Competitiveness Report 2020 points to institutional deficiencies as a major obstacle for developing economies . For India to do better, it must encourage legal certainty through solid regulatory frameworks, property rights and contract enforcement to incentivize private sector participation, and diminish regulatory uncertainty to improve investor confidence. A strong institutional framework is needed to sustain economic growth and establish India as a global center for doing business through a predictable and transparent climate16 for investment.

5. STRENGTHENING CORPORATE GOVERNANCE AND REGULATORY REFORMS

A good corporate governance mechanism will promote transparency and accountability. Over the past two years, India has rolled out reforms to simplify the Companies Act, 2013, including commitments to reduce compliance burdens imposed on companies and the introduction of laws that enhance the visibility of independent directors assuming supervisory roles over management's adherence with statutory duties. New investor protections focused on risk management, cybersecurity, and sustainability disclosures not only add confidence to the overall market but also put additional pressure on regulatory bodies, including SEBI and CCI, to ensure market or enterprise controls to develop a robustly resilent and investor-friendly business environment17.

6. STRENGTHENING INDIA’S BUSINESS ENVIRONMENT FOR BHARAT@100

In order to achieve the Bharat@100 vision, India must also undertake judicial reforms to clear and expedite the performance in commercial courts and put ADR mechanisms to work; enhance regulatory clarity with reduced red tape to approve investments; ensure predictability and stability of public policy with respect to the taxation frameworks of companies and the governing nature of labor laws; harness digital legal reforms18 in the form of legal and compliance processes arising from artificial intelligence best practice for the digital economy; and legal processes related to enforcing contracts. These steps lubricates the business conditions for commercials, attracting investors seeking to create a country as a market19.

7. STRENGTHENING FISCAL FEDERALISM FOR BUSINESS AUTONOMY

Indian economy must deal with the question of how national fiscal decision-making can be balanced with the local economic independence that is necessary for localized economic development and localized economic investment. While the transition from Planning Commission to NITI Aayog20 was viewed as a measure to enable states with additional decision- making authority, all financial transfers to state governments remain politically made. As long as this is the case, economic federalism is unlikely to occur. The Finance Commission must be strengthened, revenue sharing must be predictable, states must have discretion to taxation so that they can adopt regionally based economic policy frameworks. Reforms to national bureaucratic barriers to development must include performance-based financial incentives, a stream-lined regulatory one-stop shop for regulatory compliance, and revisions to GST compliance. Likewise, the Union Budget 2024's21 announcement of interest free loans for 50 years for states, lends credence to the necessity of states' fiscal autonomy and identification as instruments for economic reform. As states are forced to make financial decisions in heavily centralized manner, at all levels of decision- making India has resisted reliance on decentralization as a path for economic development. In fact, decentralization and driving economic development drives a wedge between economic development and regulatory development as it disjoints the top-down perspective of financial decision making22.

8. BRIDGING LEGAL REFORMS WITH ECONOMIC MODERNIZATION

The future of India’s economy depends on the successful implementation of legal reforms that are current and responsive to the market and technological changes. While laws may exist that allow for the adherence to good laws, we still face issues of judicial backlog, overlapping regulations, and uncertainty in regulations that impede efficiency and confidence in investing in businesses. The legal reforms will provide economic benefits only if the institutional capabilities exist, and removing friends from regulatory compliance and where there are opportunities for policy stability exist. While legal reforms are important, new infrastructure initiatives which have emanated from further enabling economic growth in labour productivity include the PM Gati Shakti National Master Plan and Smart Cities Mission which is imperative to improved logistics, urban development, reduced transaction costs, and improved productivity; and, as the digital economy grows, robust competition laws, AI governance frameworks, and fintech regulations are essential to maintaining fair market practices and fostering innovation. By integrating legal, regulatory, and infrastructure reforms, India can create a business-friendly ecosystem that supports sustainable and inclusive economic growth23.

9. DIGITAL ECONOMY: LEGAL ADAPTATION FOR THE FUTURE

As India moves toward a digital-first economy, it is necessary to establish strong legal systems to facilitate e-governance, regulations of businesses, and intellectual property rights (IPR). The National e-Governance Division (NeGD) has highlighted measures such as, paperless governance, online compliance systems, and digital signatures to promote efficiency in compliance and regulatory processes. Implementing better enforcement for digital contracts, creating e-filing, and constructing AI-enabled legal compliance will create a cohesive digital environment for business interests and will attract domestic and foreign investment24.

10. Contract Enforcement and Dispute Resolution

A sound legal framework is also necessary for business and economic development. Delays in resolving disputes can discourage investment and retard development. More commercial courts, greater use of e-courts, and more widespread use of online arbitration processes can mitigate or eliminate delays in legal processes. Standardized contract forms, AI processes for dispute resolution, blockchain smart contracts for enforcement and dispute reduction, and increasing investor confidence in courts can contribute to more effective business activity.

11. LEGAL REFORMS FOR A COMPETITIVE AND INVESTMENT-FRIENDLY ECONOMY

A strong legal and regulatory framework for establishing a competitive business environment and attracting long-term investments can provide a welcome boost to any economy. Now that digital platforms have risen to prominence in the market, India's competition laws must also develop quicker ways to stop monopolistic behavior, while also ensuring fair market practice . To accomplish this, the Competition Commission of India ("CCI"), for example, is further developing the regulations with the aim of providing market freedom while also ensuring it is guided by law and regulation. At the same time, legal certainty and policy inconsistency also play significant roles in investment decisions, while ensuring a reduction in risk, and thereby encouraging investment confidence. Therefore, a more business-friendly legal culture can be built by: simplifying compliance requirements as outlined above reducing approvals for new business entities and digitising this process, and strengthening contract enforcement mechanisms to ensure contracts are enforceable25.Promoting transparency and reducing red tape associated with the bureaucracy will also encourage a legal realm that is predictable and stable within those legal frameworks26. If the whole is effectively developed, it will create a legal environment that encourages domestic or foreign investment into the economy or stimulate growth in other ways.

12. SIMPLIFYING LABOR LAWS TO BOOST ECONOMIC GROWTH

India’s inflexible labour laws have prevented businesses from increasing their operations and hiring more workers for decades. India's amalgamation of 29 labour laws into four more consolidated labour codes is progress towards modernization based on better price transparency, wage security, social security, and occupational safety. However, workforce and job insecurity and worker protections continue to be at odds with the labour codes. A compromise can be reached; increased hiring flexibility can coexist with a set wide ranging protections for workers where India can become more internationally competitive. India's economy can build on China's labour reforms, enact more rationalized labour laws, skill-based employment policies, and more streamlined forms of social security for workers and promote investor confidence27.

13. STRENGTHENING INTELLECTUAL PROPERTY LAWS FOR INNOVATION

A well-formulated intellectual property (IP) regime is essential to stimulate innovative activity and attract foreign direct investment in research and development (R&D). India has taken steps to improve the timeliness of patent applications and reviews, but enforcement remains an area for improvement. By bringing specialized IP courts, better enforcement of copyright and trademark rights and acceleration of the patent registration process, individual content creators and retainers will feel protected and as a result, were more likely to attract international businesses to invest in India's technology sector. India also must align its IP policy with interim international standards so it can confidently brand its economy as one of leading edge innovation and industry research28.

14. LAND AND REAL ESTATE REFORMS FOR INDUSTRIAL EXPANSION

In India, complicated land acquisition laws and bureaucratic hurdles regarding property registration have impeded growth in the industrial sector. When new owners face long delays in acquiring land for factories, warehouses, and development infrastructure, it increases their costs and discourages them from proceeding with their investments. Legal reform to land acquisition laws, an efficient transparent property registration system, and fast track legal processes to resolve land disputes will give businesses the confidence to proceed with these investments. Updating the provisions of these laws in our economy will help seamless economic development and development of infrastructure 29.

15. CORPORATE GOVERNANCE AND PRIVATIZATION: DRIVING ECONOMIC EFFICIENCY

Transparent corporate governance and strategic privatization of underperforming state- owned enterprises (SOEs) are critical for India’s economic dynamism. Strengthening compliance frameworks, enforcing regulatory mechanisms, and encouraging public-private partnerships (PPP) can enhance efficiency and economic output. Learning from global models like Singapore, India can implement stricter financial disclosure norms and improve shareholder protections, fostering a business environment that attracts both domestic and foreign investors.

16. GOVERNING AI AND DATA PRIVACY IN THE DIGITAL ECONOMY

With the rapid growth of artificial intelligence (AI), fintech, and e-commerce, India must modernize its legal frameworks to address digital-era challenges. The Personal Data Protection Bill, cybersecurity laws, and AI regulations are crucial for safeguarding consumer rights while fostering innovation. Strengthening digital contracts, creating AI governance policies, and ensuring cross-border data security will help India establish itself as a leader in the global digital economy30.

17. JUDICIAL EFFICIENCY AND ECONOMIC GROWTH

The efficiency of India’s judicial system directly impacts business confidence and economic stability. Legal delays, particularly in contract enforcement and commercial dispute resolution, have long been barriers to investment31. Expanding commercial courts, promoting alternative dispute resolution (ADR) mechanisms, and leveraging technology— such as AI-based legal analytics—can significantly improve judicial efficiency. Implementing these reforms will enhance investor confidence and create a more predictable business environment32.

18. SIMPLIFYING REGULATORY FRAMEWORKS TO ATTRACT INVESTMENT

Despite economic liberalization, India continues to struggle with excessive regulations, complex bureaucratic procedures, and overlapping compliance requirements. The simplification of corporate laws, tax regimes, and investment policies is essential to reducing legal uncertainty. Amending outdated regulations, integrating digital governance platforms, and ensuring policy predictability will make India a more attractive destination for long-term investments and business expansion.33

19. STRENGTHENING BANKRUPTCY LAWS FOR BUSINESS REVIVAL

The Insolvency and Bankruptcy Code (IBC), 2016, revolutionized India’s insolvency framework, enabling faster resolution of corporate distress cases. However, delays in National Company Law Tribunal (NCLT) proceedings and inconsistent judicial interpretations hinder its full potential. Strengthening institutional mechanisms, fast- tracking liquidation processes, and promoting pre-packaged insolvency resolutions can enhance business recovery rates, ensuring economic resilience and investor trust34.

20. ENCOURAGING FAIR MARKET COMPETITION THROUGH ANTITRUST LAWS

With the dominance of tech giants and digital monopolies, strengthening competition laws is vital for maintaining a level playing field. The Competition Commission of India (CCI) must refine regulations to prevent anti-competitive practices such as predatory pricing and market manipulation. Drawing insights from U.S. antitrust laws35 like the Sherman and Clayton Acts, India can ensure fair market competition, safeguarding consumer interests while promoting business innovation36.

21. Sustainable Economic Growth through Legal Reforms

A forward-looking legal framework must balance economic expansion with environmental sustainability. Strengthening environmental laws, enforcing green compliance regulations, and providing tax incentives for renewable energy investments will encourage sustainable development37. India’s green energy transition, carbon credit frameworks, and ESG (Environmental, Social, and Governance) regulations must be reinforced to ensure long- term economic resilience while addressing climate change challenges.

IV. EXAMPLES

1. Strengthening Legal Support for MSMEs and Startups

Micro, Small, and Medium Enterprises (MSMEs) and startups form the backbone of India’s economy, contributing significantly to employment and innovation. Legal and policy measures such as simplified lending regulations, credit guarantees, and stricter contract enforcement have been instrumental in reducing payment delays and ensuring business sustainability38. Regulatory sandboxes and stronger intellectual property (IP) protection mechanisms further encourage innovation, while streamlined compliance processes enhance ease of doing business. By aligning legal frameworks with entrepreneurial needs, India can create a globally competitive startup ecosystem39.

2. Foreign Direct Investment: Policy Transparency for Growth

India’s Foreign Direct Investment (FDI) policies have progressively eased investment barriers, with most sectors falling under the automatic route, except for sensitive industries such as defence40. The RBI’s 2023 FDI policy introduced additional scrutiny for entities from bordering nations, ensuring economic security. However, streamlining investment approvals, maintaining robust reporting mechanisms, and ensuring policy predictability are crucial for attracting long-term foreign capital. By fostering a transparent and investor- friendly regulatory environment, India can enhance its appeal as a global investment destination41.

3. GST: A Game-Changer with Scope for Reform

The introduction of the Goods and Services Tax (GST) marked a transformative shift in India’s indirect tax system, reducing compliance costs and facilitating interstate trade. However, liquidity challenges arising from delayed refunds and complex filing procedures remain concerns for businesses. Rationalizing tax slabs, ensuring timely refunds, and further simplifying compliance norms will enhance GST’s effectiveness in driving economic efficiency and business growth. By addressing these issues, India can optimize GST’s potential in fostering economic integration42.

4. The Production-Linked Incentive (PLI)

The scheme is helping in India's manufacturing sector and particularly its electronics and mobile phone industries. In three years, almost $1 billion was disbursed concentrated on a handful of businesses, with Foxconn, Tata Electronics, Pegatron, and over 75% of that value going to Apple’s contract manufacturers43. The scheme has certainly generated extensive growth in handset-to-export operations and contributed towards India’s overall export growth, but the value addition is limited and no significant scale of manufacture yet exists. The government is likely to add further to the scheme during the current period whilst also likely to increase the incentives to other parts of the export value chain by linking the incentives to further metrics such as domestic value addition and incremental exports, work towards a more dynamic and competitive manufacturing ecosystem within India.44

V. FUTURE-READY LEGAL REFORMS FOR BHARAT@100

As India progresses towards Bharat@100 in 2047, its legal framework also needs to develop with similar agility to facilitate economic development, business innovation, and have institutions that are functioning efficiently. Digitalization will be at the heart of this evolution with AI driven regulation compliance, blockchain supported contract management, and automated legal analytics supporting transparency, eradicating corruption, and providing efficient means of addressing legal matters. Strengthening measures to promote Alternative Dispute Resolution (ADR) requiring mediation before litigation, and creating specifically dedicated arbitration courts will relieve pressures on the courts and improve confidence for businesses. Land and property law reform, including allowing for a national digital land registry and simplifying acquisition laws will enable further industrial growth. Establishing a competitive and corruption-free business sector requires improving how competition laws are defined, broadening oversight of monopolies and oligopolistic behaviour and use of AI in market analysis, upholding whistle-blower laws and protections. Through these measures India will be able to put in place a complete set of legal reforms in a future-proof package that will create efficiencies, equity, and a conducive and sustainable wealth-creating ecosystem.

VI. OVERCOMING BARRIERS TO LEGAL REFORM

India is moving forward with plans, for Bharat @100 through changes; however, it faces obstacles like uncertain regulations and slow judicial processes that could hinder progress. Frequent changes in policies create instability for businesses and discourage long term investments; thus it is crucial to establish a foreseeable system. Moreover the backlog in courts slows down dispute resolutions which calls for courts and digital legal procedures to speed up settlements. Furthermore bureaucratic hurdles, like paperwork and delays affect businesses especially small and medium enterprises (SMEs). Streamlining processes, by implementing solutions and centralizing clearance procedures can greatly reduce the complexity of regulatory requirements for businesses.A comprehensive approach, to tackling these obstacles will create an transparent legal framework that fosters Indias economic growth ambitions.

VII. THE ROAD AHEAD: VISION FOR BHARAT@100

As India visualizes its future progress in 2047 at Bharat@100, the legal system will need to evolve to keep pace with the inevitable economic growth, enhanced global competitiveness, and the direction of the economy toward innovation. A future oriented legal system which reflects the current economic realities will contribute to sustainable development, gain international capital investment, and reduce both the time taken to enact regulations and the time it takes to regulate. The key to maximum efficiency, transparency, and eliminating red tape through digitization is to digitize anything legal or business-related, including delivery of e-government services, portals, and digitized courts. Utilizing artificial intelligence enabled legal products, as well as blockchain enabled contract management tools, will ultimately meet due diligence obligations, and drive compliance with regulation and enforcement priorities, as well enhance access to justice. Improved regulatory institutions, judicial education, and growth of commercial courts will continue to develop India's ability to better resolve disagreements. The more stable and predictable the legal system is for investors, the greater the confidence to invest in India, and this will ensure that India continues to be the preferred place to trade and do business internationally.

VIII. CASE LAWS

1. Swiss Ribbons Pvt. Ltd. v. Union of India (2019): This landmark ruling upheld the constitutional validity of the Insolvency and Bankruptcy Code (IBC), boosting investor confidence by ensuring quicker resolution of corporate insolvencies45.
2. Vodafone International Holdings B.V. v. Union of India (2012): This case highlighted the need for clarity in tax regulations to attract foreign investment, emphasizing the importance of a predictable legal environment for business operations46.
3. Lalit Narayan Mithila University v. State of Bihar (1986): This case illustrated the need for legal certainty in business regulations to ensure smooth commercial transactions and promote economic growth.47

IX. Current Relevant Analysis

India is on the verge of important legal reforms that are very timely in a world that is going through significant cycles of change, both domestic and global; The Budget 2024-25 schemes emphasized initiatives that support business focused reforms, including tax simplifications and friendly reforms aimed at improving investment. The new initiatives are going to involve Production- Linked Incentive (PLI) programmes, which become available in vital sectors, semiconductors and electronics in particular and require legal structures in place to proceed. In light of global trade uncertainty, India has to build legal structures to create resilience in its economy; this involves providing certain security of its investments, as well smooth movements in cross-border trading.

X. CONCLUSION

India's vision for Bharat@100 is based on a strong legal ecosystem that enables investment, innovation, and economic endurance. Enhancing the efficiency of its courts, streamlining business registration and regulatory requirements, and eliminating obstructions to finance and capital markets will yield a predictable and transparent economic landscape.

Reforms to labour law, banking law, and insolvency must support entrepreneurship, while effective antitrust law and regulations that ensure fair competition in nascent markets, such as AI, fintech, and other areas in the digital economy will align sectors and foster appropriate competition for sustainable growth. It is essential that India employ sustainability policies that indicate that economic growth and sustainability can be aligned, whereby sustainability as a business practice accompanies industrial growth and responsible behavior. 48 Thus, with these legal and regulatory regimes brought together, India can become a globally competitive and seamless investment and  business-friendly environment, resulting in inclusive, sustainable development that anchors India's role as an economic authority by 2047.

.    .    .

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27. Ibid
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34. Ibid
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41. Ibid
42. Ibid
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46. Vodafone International Holdings B.V. v. Union of India, (2012) 6 SCC 613.
47. Lalit Narayan Mithila University v. State of Bihar, (1986) 4 SCC 394. 
48. ChatGPT, OpenAI, Response to [your question], (Mar. 5, 2025), https://chat.openai.com.