Arbitration and mediation mechanisms are essential for India’s emergence as a global manufacturing hub, said Union Minister of Commerce & Industry, Mr. Piyush Goyal, at the United International Avocat Conference in Delhi. He stressed that a strong legal and arbitration framework is crucial to support India’s rapid economic growth. He highlighted that arbitration and mediation help reduce judicial delays and ensure a stable, transparent business environment. He urged stakeholders to strengthen arbitration practices in India to make them more efficient and impartial, fostering a more investor-friendly climate.
India is the fastest-growing major economy and is projected to become the fourth-largest global economy by FY26. This progress is attributed to significant policy reforms, including simplifying business regulations and decriminalizing over 180 legal provisions through the Jan Vishwas Act. The government is now working on Jan Vishwas 2.0 to reduce legal complexities further. He also pointed out India’s advantages as a global manufacturing hub, such as a young workforce, technological advancements, and a vast domestic market. He emphasized the need to modernize India’s judicial and arbitration systems to align with global best practices and enhance arbitration efficiency through technology integration and internationally benchmarked laws.
APRIL 1,2025
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