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 India is a free market democracy with a robust, well developed legal and
administrative system. The Indian Legal system has
been derived originally from that of the United Kingdom and is at par with that
of any developed economy.
Accounting standards in India are similar to
those followed internationally. Many Indian companies are listed on the NYSE and
NASDAQ and report their results under US GAAP*.
India has a long history of entrepreneurship, private enterprise and market
economics that dates back to the 19th Century. In fact, the Bombay
Stock Exchange (BSE) Limited was set up in 1875.
The original Indian Companies Act governing the
incorporation and operation of limited liability companies dates back to 1882,
though it has been extensively updated thereafter.
As a result of the pro-business environment,
Indian companies have investments in most sectors of the economy spanning
infrastructure, manufacturing and services.
Several Indian companies operate on a global scale,
with worldwide operations. These, along with numerous companies from the small
and medium enterprise (SME) sector offer considerable scope for joint ventures,
collaborations and partnerships.
India has well-developed support services for business and industry with
professional Audit and Accounting firms (some are
affiliated with international Accounting firms) and qualified Corporate
Law practitioners. Major international advertising
companies, investment banks and consulting firms are also well
represented in India.
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