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India is the second most populous nation on the planet, behind China. While there are high levels of inequality in the South Asian nation, there is a large and growing middle class. The recent election of NarendraModi as Prime Minister, combined with low oil prices and low inflation, seem to have catalysed a new era of economic prosperity in the multi-ethnic society.The Limitation Act of 1963 dictates a timeframe of three years to take legal action from the date the invoice was due. However, the clock is restarted every time there is a demonstrable acknowledgement of the debt. The time frame of a lawsuit in the arena of recovery is notably protracted ranging from 4-8 years for completion. indian custom dictates that, generally, no collection costs or interest is payable by the debtor when coming to a pre-legal, amicable solution. This could potentially be negated by explicit contractual clauses but these may generally be DIF ficult to enforce during the amicable phase.

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