This article is written by Ramanuj Mukherjee, CEO, iPleaders.
Morgan Stanley predicts that Indian economy is set to grow 3 times from now till 2027. It also projects that equity markets will reflect that growth in the next 5 years itself.
They say by 2028, the SENSEX will cross 1 lakh benchmark.
India is the fastest growing major economy in the world, despite recent double whammy of demonetization and GST that Indian economy seems to have quietly digested. We have recently beaten the French economy in absolute GDP in dollar terms to become 5th biggest in the world. In a few years, we will grow bigger than Great Britain and remain only behind the 3 biggest superpowers in the world: the USA, China and Russia.
However, we are still a low-income country. We stand at 112th in the world at per capita income! Which means we have tremendous room to grow.
More than ever, signs are that the next 5-10 years will change India from a low-income country to middle income. Tens of crores of people are most likely to come out of poverty as the economy expands. India will also create tens of thousands of millionaires You can perhaps feel it in the air, can’t you? Whole neighbourhoods are transforming at a rapid pace in towns, villages and cities, all over India.
It is a defining moment in history. We are on the cusp of something very big, something no Indian has ever experienced, and most of us will find hard to imagine. Stop and take a moment to realize the importance of the next few years.
Where do you stand in all these? The opportunities that can come your way in the next 10 years, deserving or undeserved, would be unique and unprecedented. What would be those opportunities? That depends on several factors. What you know. Who you know. What you can do. What investments you make, and so on.
Such breakneck growth, an era of economic prosperity and development, and transformation of a country. The opportunity before each one of us is tremendous. Are you prepared to make the most of this?
Such opportunities rarely come, once in many generations. You will see Americans nostalgically talking about baby boomers. Those who grew up in that generation had once-in-many-generation opportunities to build up the American economy, create lasting enterprises and create vast wealth for themselves and those around them.
In comparison, the generations that came after have struggled. Compared to the rest of the world, the generations afterwards have not done too badly, but everything pales in comparison to the glorious days of baby boomers.
Businesses will be conceptualised, started, expanded, acquired, shut down, merged, bankrupted and what not. Entrepreneurs will hire employees, launch new products and services, take loans, get into litigation, raise money, list on stock exchanges, enter into import-export, default on contracts, and everything else you can or cannot imagine. And as India has become increasingly a formal economy as opposed to what we were in the past, law, rules and regulations increasingly play a role in business.
What can you do?
What does it mean for lawyers, law student, business executives who understand the law?
Are you prepared to take advantage of what is coming?
What skills can you learn that will make a difference?
What knowledge and network will help you to capitalise on the coming period of growth?
If you don’t think about it, if you don’t plan, if you don’t prepare, you will miss the wave. You will probably still do fine, but taking the opportunity head on requires a different kind of attitude.
I recommend that you learn more about laws that impact finance industry, investment laws, M&A, technology law, media law (because it’s the fastest growing industry), real estate law, infrastructure related legal work, contract drafting, debt recovery and insolvency, or dispute resolution.
You don’t need to learn everything.
But you need to learn one thing really, really well.
Don’t just drift in the sea, position yourself for the coming wave. Make a long-term goal, and take small steps towards it starting now.
We would love to help you to become great at a chosen area of law, with fantastic practical knowledge and skills.
Here are some upcoming courses. Think hard if any of these interests you. Can you serve an area of law for the next 5-10 years with great dedication? That’s one of the best things you can do to take your abilities and career to the next level. It works at any time, but especially now, it’s absolutely golden.
Take the first step with us today.
Upcoming Courses (last date of enrollment 14th November, 2018)
- Executive Certificate Course in Real Estate Laws
- Executive Certificate Course in Arbitration: Strategy, Procedure and Drafting
- Diploma in Companies Act, Corporate Governance and SEBI Regulations
- Diploma in Industrial and Labour Laws
Upcoming Courses (last date of enrollment 30th November, 2018)
- Executive Certificate Course in Companies Act
- Executive Certificate Course in Advanced Criminal Litigation & Trial Advocacy
- Diploma in Intellectual Property, Media and Entertainment Laws
- Diploma in Cyber Law, Fintech Regulations and Technology Contracts