India’s Companies Act of 2013: A Governance Shift into the Sunlight
governance reforms.5 Business and economic analysts expect this
economic transformation to continue under the pro-business leadership
of the newly elected Prime Minister, Narendra Modi.6 In fact, Mr. Modi’s
economic policies emphasize his commitment to “make in India . . . an
invitation to all to turn India into a new global manufacturing hub.”7
India has become a leader in the global economy thanks to its
exponential economic growth, yet its development still relies on its ability
to attract foreign direct investment.8 Recently, a series of unfortunately
at the Antique India Market Conference: India’s Economic Transformation (Sept.
7, 2009) [hereinafter KC Chakrabarty]. India is the world’s largest democracy,
with over 1.2 billion people. It had a gross domestic product (GDP) of $1.73
trillion in 2010. And it is considered a robust cultural hub, with multiple
languages and religions. Transparency International, India Facts & Figures, http://
www.transparency.org/country/#IND (last visited Oct. 30, 2014).
5. See Afra Afsharipour, e Emergence of New Corporate Social Responsibility
Regimes in China and India, U.C. D B. L.J. 175, 209 (2014) (noting
that “India’s reform eorts were spurred by the needs of India’s rapidly expanding
economy, including a signicant widening of India’s investor base to encompass
both increased foreign and institutional investors.”) [hereinafter Emergence of New
Corporate Social Responsibility Regimes]. See also Afra Afsharipour, e Promise and
Challenges of India’s Corporate Governance Reforms, 1 I J. L. E. 33, 33-
6. Narendra Modi assumed oce on May 26, 2014. Sta Writer, Narendra Modi
is sworn in as the 15th Prime Minister of India, T T I, http://
Prime-Minister-of-India/articleshow/35620796.cms (last visited Nov. 17, 2014).
See Anant Vijay & Eric Bellman, India April-June GDP Grew 5.7% On-Year, W
S. J. (Aug. 29, 2014), http://online.wsj.com/articles/india-april-june-gdp-grew-
5-7-on-year-1409317312. See also Prudence Ho, Asian IPOs, Other Share Sales Hit
Four-Year High, W S. J. (Oct. 12, 2014), http://online.wsj.com/articles/ipos-
7. Narendra Modi, An Invitation to ‘Make in India’, W S. J. (Sept. 25, 2014),
1411687511?KEYWORDS=%22make+in+india%22 (Prime Minister Modi also
stated that “India will pursue its dreams in partnership with our international
friends. History tells us that India’s natural instinct is to be open to the world. India
will be open and friendly—for business, ideas, research, innovations and travel.”).
See also Arvind Panagariya, e Promise of Modinomics How the New Prime Minister
Can Bring Back Growth, F A. (June 10, 2014), http://www.foreignaairs.
it’s demographic prole “. . . India is young, and it is predicted to become even
younger, with a healthy growth in population. It will not, therefore, face the labor
shortages that have already hit many other economies, including China.”).
8 See generally Sarbapriya Ray, Impact of Foreign Direct Investment on Economic Growth