Executive And Judiciary Need To Work In Tandem To Make India An International Arbitration Hub: Law Minister Kiren Rijiju
Taking cues from the world-class arbitration centre in Singapore, Law Minister Kiren Rijiju emphasised on how India can become an international destination for Arbitration.
Reflecting on what is required to achieve the goal, he underscored that Judiciary and executive must in tandem on the aspect of bringing uniform rules in this regard.
"The Delhi International Arbitration Centre has 6,373 cases listed for arbitration, and 4,900 cases were heard in 2022. We have to seize this opportunity. I feel it is essential to recall the success story of Singapore, he said.
Speaking at the Delhi Arbitration Weekend (DAW) organised by the Delhi International Arbitration Centre, the law minister also briefly talked about the geographical advantage India brings to the global map.
Looking at the gaps and touching upon what needs to be done to make India a preferred hub for arbitration, Rijiju was of the view that the time taken for dispute resolution has to be addressed. Referring to a report by World Bank he brought out a glaring statistic. The estimated time for dispute resolution is 1,145 days he said.
While working on solutions like e-courts seems to be the way forward, India needs to do more in terms of climbing the ladder and improving the overall ease of doing business ecosystem in the country.
