The future trajectory of India’s economic growth hinges on robust institutional frameworks and adherence to the rule of law, as emphasized by Akshay Jaitly, a partner at Trilegal, during a recent panel discussion in London. The event was centered on the India-UK commercial corridor and took place at the London International Disputes Week (LIDW) 2026.
Jaitly argued that evaluating the success of an economy solely based on the performance of its largest corporations is insufficient. He noted that large corporations often thrive in various economic systems, either due to an open market or close governmental ties. However, Jaitly stressed that the true measure of economic vitality lies in the ability of small businesses to establish, operate, and expand.
“The gauge of an economy’s openness or success cannot be, or should not be, what its largest companies are doing,” Jaitly stated. He acknowledged the significant impact of India’s 1991 economic reforms, which opened avenues for businesses and law firms to operate on a global scale. Nonetheless, he advocated for a second wave of reforms to sustain growth, describing the next phase as “an institutional story.”
This session, titled “Geopolitics, Capital, Trust and Resilience: UK, India and the New World Order,” was organized by FTI Consulting and Trilegal. Alongside Jaitly, the panel included FTI Consulting’s Senior Managing Director Karthik Balisagar, Vesuvius General Counsel Henry Knowles, Stephenson Harwood partner Ros Prince, and UK India Business Council Director of Government Affairs and Membership Services Stephen Crisp. The discussion was moderated by Trilegal partner Sushmita Gandhi.
Justice Robin Knowles CBE, a Judge of the High Court of England and Wales, delivered a special address during the event. He emphasized the importance of commercial courts worldwide learning from each other, as commercial activities transcend jurisdictional lines.
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“Commerce presents to us today. It’s obviously moving so fast. It doesn’t recognize the borders that we might draw up in order to make our own arrangements,” Justice Knowles remarked. He pointed out that no single jurisdiction or expert has comprehensive solutions on legal responses to evolving business landscapes. Even jurisdictions with considerable legal resources, such as India and England, must continue to share insights.
Karthik Balisagar highlighted a shift in the global order traditionally led by the United States. He attributed this transition to factors like financial instability, inequality, and China’s growing influence. Despite these shifts, he observed that capital continues to flow into India, driven by favorable demographics, a burgeoning middle class, infrastructure investments, and advancements in digital public infrastructure.
Stephen Crisp discussed the India-UK free trade agreement, which he believes reflects deep-seated trust between the two nations. Although the agreement benefits sectors like manufacturing, food, and services, it does not permit UK lawyers to practice in India, he noted.
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Ros Prince commented that closed legal markets are not necessarily detrimental, as they can safeguard local legal employment while encouraging collaboration between foreign and domestic firms.
Henry Knowles addressed the need for businesses to reassess their supply chains, regulations, and contracts due to geopolitical disruptions. He emphasized the necessity for companies to prepare for interruptions caused by sanctions, tariffs, logistics, regulatory changes, and cyber risks.
In conclusion, Jaitly underscored the importance of regulatory reform as a pivotal issue. He pointed out that approximately 65 percent of India’s formal economy is under regulatory oversight. “If we don’t focus on the operation of our regulators, we don’t create the predictability and the trust that we need,” Jaitly concluded.
