Lawyers study Law and Economics - a) Economics provides fundamental organising

principles for the whole body of law;b) It helps in simplifying the law (i.e., avoiding the evils
of current legal formalism); and, c) It focuses on the real-life effects of the law, including
possible adverse effects such as, rent control, protection of weak contract parties.

Economic analysis of law is a new concept to Indian academic institutions. Keeping in view
of changing socio-economic, technical, and legal environment, in developing countries like
India , there is a need for trained scholars in the interdisciplinary field of law and economics.

The Economy of India is the seventh-largest in the world by nominal GDP and the thirdlargest bypurchasing power parity (PPP).[31] The country classified as newly industrialized
country, one of the G-20 major economies, a member of BRICS and a developing
economy with approximately 7% average growth rate for the last two decades.[32] India's
economy became the world's fastest growing major economy from the last quarter of 2014,
replacing China's.[33]

Explaining the relation between the two disciplines, Sen said: "Economic operations do not
occur in a legal vacuum they are governed by legal arrangements, legal rights and legal
duties."
Even basic economic concepts such as ownership and endowment are law-related.
Both economics and law should, however, be complementary and inter-dependence between
the disciplines is needed.

If you want to do business in India, it is important to recognize some essential economic laws
in India. These include laws framed as early as 1872 (which are still applicable) as well as
those framed just a few years ago.
Broadly speaking, you need to be familiar with 20 essential economic laws, listed here in
chronological order. They form the overall legal framework of the Indian business
environment. The Indian Contract Act and the Negotiable Instruments Act are both
considered top of the legal charts.

Development has many dimensions. It has to be inclusive;

it must be poverty reducing and it must be environmentfriendly. We need to incorporate all these elements in the
growth process. A strong and balanced growth will enable the
economy to achieve multiple goals including lowering inflation
and reducing poverty.