Comparative Analysis Of Commercial Law In India
- IJLLR Journal
- Apr 17
- 1 min read
Rahul Shah, LL.M., Netaji Subhas University, Jamshedpur, Jharkhand
Manushree Dubey, LL.M., Netaji Subhas University, Jamshedpur, Jharkhand
Introduction
Commercial law in India encompasses various statutes, judicial interpretations, and regulatory guidelines governing business operations. It draws from British common law principles while integrating elements specific to India's economic and social structure. The globalization of trade necessitates a comparative approach, analyzing how India's commercial legal framework stands in contrast to those of developed economies such as the United States, the United Kingdom, and emerging markets like China and Singapore. This study aims to evaluate the effectiveness, adaptability, and enforcement of commercial laws in India in comparison with these jurisdictions.
Historical Development of Commercial Law in India
The development of commercial law in India can be traced back to the colonial period when British laws influenced many statutory provisions. The Indian Contract Act of 1872, Companies Act of 1956 (replaced by the Companies Act, 2013), and the Sale of Goods Act, 1930, are direct derivatives of English legal principles. Post-independence, India's economic policies influenced commercial law reforms, particularly after the liberalization period of 1991, which aimed at integrating the Indian economy with global markets.1
1. Contract Law
The Indian Contract Act, 1872, lays the foundation for contractual relationships in India. It defines essential elements such as offer, acceptance, consideration, and enforceability. While largely influenced by English common law, Indian contract law has adapted to local business practices, incorporating concepts like undue influence and specific performance.2
