Ten years ago, when Control Risks opened an office in Delhi, India was a different country. It had only recently begun to emerge from the decades-long shackles of lethargic growth. In terms of nominal GDP, it had the twelfth-largest economy in the world in 2007. It is currently the third largest country, ranking seventh if you use purchasing power parity. India became one of the few countries in 2013 to launch a successful Mars mission. According to one estimate, from slightly over a decade to 2012, the number of multinational corporations in India doubled.
The decade's developments are not just evident in the data. In politics and policy, diplomacy and digitization, as well as in the arts and sports, there have been significant changes.
<h3>What improved during the past decade?</h3>
Following changes took place:
<u>1. Changing federalism</u>
Many of our international clients used to think of India as a single, homogenous market, rather than the collection of 29 states that it actually is now. The federal structure has become clearer over the last ten years, with more policymaking authority and funding shifting to the states and village panchayats (local governments). The idea of cooperative federalism has changed into one of competitive federalism, in which states compete for investments while many of them have populations comparable to entire countries. Now, our clients must evaluate the political and regulatory environments at both the federal and state levels, as well as pay attention to the annual rankings of the state's business friendliness.
<u>2. Largest Economy title</u>
A record number of people in India have just emerged from poverty thanks to recent economic growth. Impressive consumer growth has been powered by an expanding middle class. Today, it is the third-largest market worldwide for smartphones and the sixth-largest for automobiles. The software sector in India, directly and indirectly, employs more than 4 million people. The incredible range of projects Control Risks has worked on over this time reflects the breadth and depth of this growth.
India's economy is not only one of the biggest in the world but is also one of the youngest. India's population now is made up primarily of people under the age of 26.
<u>3. Compliance Regime</u>
Concerned about their vulnerability to extra-territorial anti-corruption laws like the US Foreign Corrupt Practices Act and the UK Bribery Act, Control Risks has always worked with foreign and domestic Indian corporations. Today, though, there is also anxiety surrounding the implementation of a stricter domestic compliance framework. Corporate anti-corruption and anti-fraud procedures now have clearer accountability thanks to the Companies Act of 2013. In 2017, the Reserve Bank of India, the nation's central bank, received increased authority to take legal action against loan defaulters. Today's clients demand more than simply a quick repair; they also want to establish a preventive compliance culture throughout their whole organization.
Therefore, all the above-mentioned concerns were dealt with and progressed during the past decade and helped uniting the country.
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