Let's Make India A Global Hub Of Arbitration: PM Modi

The three-day Global conference on National Initiative Towards Strengthening Arbitration and Enforcement in India came to a close on Sunday in New Delhi with the Prime Minister's address. Organised by the NITI Aayog, the conference was meant to identify the inherent lacunae in arbitration in India and to define a roadmap to strengthen the same. In the course of three days the conference through its sessions brought together numerous legislators, arbitrators, judges and investors in an engaging dialogue.The conference established that there is an imperative need to establish a fast track resolution of disputes and encourage arbitration in the country. The Union Minister for Law and Justice laid that apart from brick and mortar, what is needed is to ensure the quality and integrity of the legislators and arbitrators. Embracing arbitration in India and calling back the domestic arbitrations underway in other countries, Ravi Shankar Prasad said, "We have Make in India, work in India, now lets promote Resolve in India."The Prime Minister also on the occasion congratulated the NITI Aayog for organising the magnificent conference and hoped that the dialogue would not end with the conference and would go on between India and other countries.Encouraging arbitration in India, the Prime Minister said, "A vibrant ecosystem of alternate dispute resolution needs to be in place as India has become the biggest centre of FDI and the culture of start-ups has also increased manifold. In this case the corporates need to be assured that commercial disputes will be resolved efficiently and the rules of the game would not change overnight."Laying down the path of development of the ecosystem for arbitration the Prime Minister said that the availability of qualified arbitrators who conform to the proper code of conduct should be the first step. The Prime Minister also asked for a widened ambit of legal education in India. "We need arbitral institutions to educate in these matters. Mediation also needs to be encouraged as it's potential has not been tapped in India. This conference has provided the ideal platform to strengthen arbitration in India by implementing the suggestions received by various field experts. Let's make India a global hub for arbitration also," he said.Read the Full Text of the Valedictory speech by Prime Minister at National Initiative towards Strengthening Arbitration and Enforcement in India.Chief Justice of India, Justice T. S. Thakur,Hon’ble Judges of the Supreme Court and of the High Courts,Distinguished Guests and Friends,Ladies and Gentlemen:Let me begin by congratulating NITI Aayog for organizing this global conference.Perhaps the simplest definition of Arbitration comes from Mahatma Gandhi, who said:“I had learnt the true practice of law. I had learnt to find out the better side of human nature and to enter men’s heart. I realized that the true function of a lawyer is to unite the parties involved in a dispute. The lesson was so indelibly burnt into me that the large part of my time during the twenty years of my practice as a lawyer was occupied in bringing about private compromises of hundreds of cases. I lost nothing thereby, not even money and certainly not my soul.”Friends.India is today the fastest growing major economy, and one of the most attractive destinations for FDI. Indeed, we stand out as a bright spot in the global economy. This is the result of India’s fundamental strengths: democracy, demographic dividend and demand. We need to fully harness these strengths. This can happen only if businesses make long-term investments that create jobs and sustain economic growth.Our domestic market has been fragmented. Different taxes across different states have made goods and services more expensive. This has hampered growth in inter-state commerce. We are enacting a Goods and Services Tax law, to create an integrated national market. This will further boost domestic demand, create more opportunities for Indian business and drive job creation.India is experiencing a digital revolution. This is bridging the digital and economic divide in Indian society in general; and rural society in particular. A boost to the rural economy through this revolution will make the Indian economy even more robust.Innovative business models and app-based start-ups have instilled a spirit of enterprise among Indians. Yesterday’s job seekers are becoming today’s job creators. The legal profession is also opening up to the promises of the digital world. From cause-lists to case-laws, the lawyer’s library is now just a click away on your mobile phone.Friends.Businesses seek assurance of the prevalence of rule of law in the Indian market. They need to be assured that the rules of the game will not change overnight, in an arbitrary fashion. And that commercial disputes will be resolved efficiently. A robust legal framework backed by a vibrant arbitration culture is essential.Towards this end, we have initiated far-reaching...

Let's Make India A Global Hub Of Arbitration: PM Modi

Avni Shrivastav

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