India is expected to see M&A deals worth more than $52 billion in 2019 deal activity in the country is expected to remain stable despite slowdown, globally as well as locally, according to a report by law firm Baker McKenzie, Bloomberg Quint reported. "Despite the global headwinds, India M&A is expected to remain stable in the next few years, with private investments reviving against the backdrop of a more favourable business environment," the report said. "India deal activity is expected to revert to the 'normal' level in 2019, with total M&A reaching $52.1 billion." The firm's fifth annual Global Transactions Forecast, jointly released with Oxford Economics, predicts India's GDP will grow by close to 7 per cent through 2019-2022, ahead of the global GDP average growth rate of 2.8 per cent for the same period. In IPOs, total proceeds (which will be predominantly from domestic IPOs) is forecasted to dip from USD 3.4 billion in 2019 to USD 2.7 billion in 2020, before picking up again in 2021 to USD 4.3 billion. India M&A to remain stable despite a slowdown, it said. "India dealmaking activity is expected to revert to the 'normal' level in 2019, with total M&A reaching USD 52.1 billion." It cited Canada's Brookfield Infrastructure Partners' USD 3.66 billion investment to acquire Reliance Industries' Reliance Jio lnfratel unit as examples of M&A in the country. Announced in July, the acquisition was touted as the single biggest private equity deal ever in India. Ashok Lalwani, Global Head of Baker McKenzie's India Practice, said: "India M&A shows resilience amidst the current global economic turmoil. While domestic consolidation will continue to be a key driver in M&A activity, India's business-friendly reforms and high consumption growth potential will help garner interest from both local and foreign investors. We are hopeful that India will remain one of the world's fastest-growing economies despite the headwinds". Global deal-making will continue to slow down in 2020 because of ongoing worldwide economic uncertainty and the risk of the global recession, according to the report. It projects that mergers and acquisitions (M&A) will decline globally from USD 2.8 trillion in 2019 to USD 2.1 trillion in 2020. The forecast also predicts a downward trend in IPO proceeds from an estimated USD 152 billion in 2019 to USD 116 billion, a 23 per cent drop. In the Asia Pacific, the report predicts M&A activity to decline 18 per cent from USD 634 billion in 2019 to USD 529 billion in 2020, and IPO activity will likely continue its slower trend from this year, which is expected to amount to USD 36 billion, a 43 per cent fall from 2018. IPO proceeds are predicted to dip even further to USD 33 billion in 2020. The region's weaker performance in 2019 can be attributed to a reduction in Chinese outbound deals due to government restrictions on outward investment. On a broader scale, this, in turn, may dampen economic momentum across the Asia Pacific, it said.