Many of the legal outfits, which provide consultancy services to corporates that include drafting merger and acquisition agreements, preparing MoUs, rendering advice etc, operate as sole proprietorships.
Although the government has come out with a fiscal stimulus package to boost industrial growth and economy, it is unlikely to have perceptible impact in the short run and raise business confidence, which has led to layoffs, partial and complete closure of plants and termination of joint ventures, especially those involving foreign partners.
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