Assessment Description Write a paper (1,250–1,500 words) that discusses the following questions through your research and analysis on the effect of the rule of law and ethics on the economy of India....

Running Head: Law and ethics         1
Law and ethics                         2
LAW AND ETHICS
Table of Contents
India’s current legal system    3
Socioeconomic problem as an entrepreneur    3
Entering in the Indian market    4
International market entry methods    5
1. Exporting    5
Direct    5

Indirect    5
2. Licensing    5
Effective and ineffective advertisement practices to implement    6
Legal compliance approaches in conducting international business    7
1. Exchange Controls, Finance, and payments    7
2. Data privacy    7
Recommendations considering ethics and social responsibility    8
References    9
India’s current legal system
Indian law is a combination of religious law, customary law, equitable law, common law, and civil law (Dutt, 2018). By passing judgements, issuing orders, and making decisions, judges shape the Indian judicial system. Although they are technically not laws, judicial rulings from higher courts like the High Courts and Supreme Court of India are nonetheless significant legal sources and have weight in subsequent cases.
Given the length of time spent under the control of the former British Empire, it is not unexpected that colonial rule's impacts may still be seen in India in a variety of ways. Under English colonial control, the Indian Penal Code (IPC), 1860, was first implemented. For instance, the British-drafted IPC allowed the death penalty—yet another penalized idea—to enter the formal Indian legal system (Rusakova, Frolova, Zankovsky, & Kupchina, 2019). In order to completely eliminate the death sentence, India ratified the 13th protocol to the European Convention on Human Rights in 2003. The Supreme Court established criteria that judges must take into account when determining whether to sentence an offender to death in each individual case.
Socioeconomic problem as an entrepreneur
India is no stranger to the ideas of start-ups and entrepreneurship. While businesses like Flipkart and Paytm are examples of what a start-up may accomplish in a few short years. Practically all entrepreneurs face certain challenges when launching a new business. One of the major problems that all businesses confront and must solve in order to continue is finding funding for their operations. Businesses require consistent financial flow to survive, and you should always have extra cash on hand to cover unforeseen expenses (Singh, & Jaiswal, 2018).
The sheer amount of entrepreneurship that fail because they "forgot to remember" to prepare is astonishing. Finance, development, and Sales are important areas that shouldn't be ignored. Creating exposure among the customers is crucial for entrepreneurs. Failure or Success may depend on their ability to identify the precise skills they need and how to recruit those vital people (Berger, Barnes, Konwar, & Singh, 2020).
Dealing with the venture's uncertainty can be a difficult undertaking for first-time business owners. The clients, investors, partners, staff, and even the business owner's family may disagree with every decision they make. Even seasoned business people like Ratan Tata have to cope with this.
Entering in the Indian market
India has a population of around 1.3 billion people and a structured work culture with hours that vary by job type and sector. Manufacturing, financial services, telecommunication services, ITeS and IT, car manufacture, and Construction, make up the majority of sectors in India as a percentage of GDP. Construction, manufacturing, and Contact-based services, have been most negatively impacted by the pandemic in the 2020–2021 fiscal year (Berger et al. 2020).
The new administration...