Ten Years in India: Witnessing a Decade of Transformation-An Interview with Carlo D'Andrea
This article was originally published in Italian in Panorama on 30th May 2026.
Please note that this is a courtesy translation of the Italian language article originally published in the Panorama Magazine Issue at: https://www.panorama.it/attualita/economia/india-dieci-anni-dopo-un-paese-che-da-scommessa-e-diventato-sistema
Ten years after D’Andrea & Partners established its presence in India, we sat down with Carlo D’Andrea—Managing Partner of the firm and National Vice Chairman of the European Union Chamber of Commerce in China—to reflect on this journey. Not merely as the story of a law firm's expansion, but as a lens through which to examine India's remarkable transformation over the past decade.
“Ten years is enough time to understand whether a decision was strategically sound or not,” observes D’Andrea. “When we decided to establish our presence in India in 2015, we did so as a natural continuation of the path we had already embarked upon in Asia, particularly in China. Our objective was to build a platform capable of supporting European companies across the region’s key markets through a stable, long-term presence rather than occasional interventions.”
The context at the time, however, was very different from what it is today.
“Those were the early years of Prime Minister Narendra Modi’s first term. Discussions around reform had begun, but many of the key policy initiatives were still in their infancy. It was also during that period that the Make in India programme started to take shape, with the goal of strengthening the country’s manufacturing base, attracting foreign investment and positioning India as a global production hub. India was widely perceived as a complex market, characterised by a challenging regulatory environment and a level of international integration that lagged behind other major Asian economies.”
At the time, the decision to invest in India was far from obvious.
“I remember one of our first visits to a prospective client. We walked more than five kilometres through an industrial area with no proper roads. As a precaution, I shared my GPS location with my wife. It may sound like an amusing anecdote today, but it captures what operating in India meant at the time: a market full of opportunities, yet accompanied by significant operational uncertainties.”
According to D’Andrea, the early years were almost exploratory in nature.
“Our work largely consisted of helping companies take their first steps in the market, understand the local environment and establish a presence. Yet even then, it was clear that without a direct and continuous presence on the ground, it would be difficult to build meaningful and lasting relationships.”
It is precisely this element—presence—that D’Andrea believes has made the difference over time.
“One of the principles we considered essential was ensuring operational continuity through professionals permanently based in India. We never believed in a ‘fly-in, fly-out’ model. Instead, we focused on maintaining a day-to-day presence capable of engaging with clients, counterparties and institutions in real time.”
In recent years, that approach has been further strengthened through the relocation of an Italian professional from the firm’s Shanghai office to Mumbai.
“This allows us to bridge the gap that often exists between the European business mindset and local realities, providing companies with more immediate and practical support.”
Throughout D’Andrea’s account, the growth of the firm remains in the background, serving primarily as a reflection of India’s own evolution. And the country, in the meantime, has changed profoundly.
“Over the past decade, India has made an extraordinary leap forward. In less than twenty years, it has moved from being the world’s eleventh-largest economy to ranking among the top four economies globally by nominal GDP, steadily approaching third place. This trajectory reflects not only economic growth but also India’s increasing influence within the global order,” D’Andrea explains, referring as well to statements made by Prime Minister Modi in February 2026.
In 2023, India also overtook China to become the world’s most populous country.
“Demographics alone do not explain the phenomenon. What makes India particularly compelling today is the combination of market scale, a young workforce and growing manufacturing capabilities.”
D’Andrea nevertheless cautions against oversimplified narratives.
“For years, India was described primarily as a services economy. In reality, it is also a major agricultural power and has long maintained a broad manufacturing base. What is changing today is the relative weight of these components: industry is becoming increasingly important, and India is integrating more deeply into global value chains.”
This development is taking place against a rapidly evolving international backdrop.
“In recent years, relations between Europe and India have strengthened significantly. Institutional visits, including those held in connection with the G7, as well as numerous economic missions, have contributed to building a more structured dialogue. India is increasingly viewed as a strategic partner.”
This broader trend is also reflected in the progress of the European Union–India trade agreement.
“At the beginning of 2026, it was announced as a historic agreement that had been politically concluded. This represents a major milestone, even though the formal implementation process remains ongoing. Once implemented, it has the potential to deliver tangible benefits in terms of market access, investment flows and supply-chain integration.”
At the same time, D’Andrea notes, India and China have begun a gradual process of rapprochement.
“After years of tension, trade and connectivity channels are gradually being restored. This development is reshaping regional dynamics and placing India in an increasingly central position between Europe and Asia.”
Against this backdrop, the Italian presence in India has also acquired a new dimension.
“Today, more than 800 Italian companies operate in India. This is no longer a sporadic presence but a structured industrial ecosystem.”
Alongside the business community, what can now be described as a genuine Sistema Italia has gradually taken shape.
Italy’s diplomatic network—including the Consulate General in Mumbai and the offices in Bangalore and Kolkata, under the coordination of the Embassy of Italy in New Delhi led by Ambassador Antonio Bartoli—provides a stable and highly qualified institutional presence.
This is complemented by the activities of the Italian Trade Agency (ITA/ICE), with offices in New Delhi, Mumbai and Bangalore under the direction of Antonietta Baccanari, supporting Italian companies in their internationalisation and business development efforts.
On the financial side, institutions such as SACE and SIMEST play a key role in supporting Italian investment abroad through guarantees, financing instruments and equity participation schemes.
At the same time, business associations and chambers of commerce facilitate dialogue with the wider European business community, creating opportunities to exchange experiences and best practices within an increasingly integrated environment.
“It is this combination of companies, institutions, financial support mechanisms and business networks that allows us today to speak not simply of an Italian presence, but of a coordinated and structured ecosystem.”
As the market has evolved, so too has the nature of the support companies require.
“Businesses are no longer looking only for assistance in entering the market. Today, they seek guidance on complex matters such as joint ventures, industrial investments, intellectual property and compliance. It is an entirely different level of engagement compared to ten years ago.”
This shift is also reflected in the firm’s organisational footprint.
“The opening of our Mumbai office and the expansion of our presence in New Delhi are a natural consequence of these developments. Mumbai is the country’s economic and financial capital, while New Delhi remains the institutional and regulatory centre. To operate effectively in India today, it is essential to have a presence in both dimensions.”
Looking back, D’Andrea’s assessment is straightforward.
“Over the past sixteen years, we have built an international platform that began in China and expanded into India, while also developing a growing presence in Vietnam and the United Arab Emirates. Together, these offices form an increasingly integrated platform spanning the key economic corridors between Asia and the Middle East. They are distinct markets, but they are becoming more interconnected every year.”
Looking ahead, the outlook is equally clear.
“India will continue to be one of the principal engines of global growth. For many years, it was perceived as a difficult and relatively closed economy. It remains complex, but it is now unmistakably moving towards greater openness and integration.”
This perspective also shapes the firm’s plans for the future.
“The coming years will be a phase of consolidation. We will continue to strengthen our presence on the ground through an increasingly structured direct presence, supporting businesses in a market that becomes more sophisticated year after year.”
And he concludes with a simple observation:
“Ten years ago, India was a bet. Today, it is a strategic reality”.
By: Avv. Carlo D’Andrea, National Vice President of the European Union Chamber of Commerce in China and Chairman of the Board of the Shanghai Chapter, Founder and Managing Partner of D’Andrea & Partners Legal Counsel
