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.
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