The region's largest economy and political centre of gravity, balancing growth ambitions, coalition politics and great power partnerships.
India is the largest market in South Asia and the one most international investors approach first. Its opportunities are real, but so is its complexity: policy is made at both federal and state level, regulation changes quickly in strategic sectors, and much of what matters for a business is decided in state capitals rather than in New Delhi.
We analyse national and state politics, the industrial policy and incentive schemes that shape manufacturing and technology investment, trade negotiations with the United States, the European Union and others, and India's relationships with its neighbours, China, Russia and the Gulf.
The issues that move the risk picture.
- Coalition and state politicsThe stability of the governing coalition, state election cycles and the policy differences between states that matter for site selection and permits.
- Industrial and trade policyProduction-linked incentives, import tariffs, quality control orders and trade negotiations with major partners.
- Technology and data regulationData protection rules under the Digital Personal Data Protection Act, platform regulation and sector-specific localisation requirements.
- Neighbourhood and securityRelations with Pakistan, China and the smaller South Asian states, and their effect on routes, trade and personnel.
- Federal and state regulatory riskLand, labour, environmental and tax enforcement that varies by state and by sector.
Typical client questions
A selection of the questions clients bring to us on India.
- Which Indian states offer the most predictable environment for our manufacturing investment?
- How exposed is our India supply chain to trade disputes between India and its major partners?
- What would a sharp deterioration in India and Pakistan relations mean for our operations?
Discuss India with an analyst.
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