The last eight years have seen a paradigm shift in Indian arbitration law. The 2024 Bill to amend the (Indian) Arbitration and Conciliation Act 1996 seeks to bring the arbitration process in line with international practice, limit court intervention, and increase the efficiency of arbitration. The 2024 Bill is being looked at as a means to provide more certainty to foreign investors for enforcement of contracts and to establish India as an international arbitration hub.
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The government’s proactive action of passing the Mediation Act represents a positive stride towards alleviating an overburdened judiciary, encouraging the alternate dispute resolution mechanism, and making India not only a hub for Arbitration but also mediation
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