Arbitration: A Cornerstone of Modern Dispute Resolution, Says EAM Dr Jaishankar

  • May 11, 2024, 11:28 p.m.

Delhi, India - At the recent inauguration of the Arbitration Bar of India, External Affairs Minister (EAM) Dr S. Jaishankar highlighted the importance of arbitration in the modern dispute resolution landscape.

“Arbitration is recognised as a cornerstone of modern dispute resolution,” said Dr Jaishankar, addressing the attendees at the event. He emphasized that arbitration plays a crucial role in India’s rapid economic progress and in leveraging its demographic dividend.

The demographic dividend refers to the economic growth potential resulting from shifts in a population’s age structure, mainly when the share of the working-age population is larger than the non-working-age share of the population.

Dr Jaishankar’s comments come at a time when India is witnessing significant economic growth and is poised to become a global economic powerhouse. The country’s young and dynamic workforce is seen as a key driver of this growth.

The EAM’s emphasis on arbitration underscores the government’s commitment to creating a robust and efficient dispute resolution framework in the country. This is expected to boost investor confidence and facilitate the ease of doing business in India.

Arbitration, as a form of alternative dispute resolution (ADR), is a technique for the resolution of disputes outside the courts. The parties to a dispute refer it to arbitration by one or more persons (the “arbitrators”, “arbiters” or “arbitral tribunal”), and agree to be bound by the arbitration decision (the “award”).

The inauguration of the Arbitration Bar of India marks a significant milestone in the country’s legal landscape. It is expected to play a pivotal role in promoting arbitration as a preferred mode of dispute resolution and in fostering a culture of arbitration in the country.

As India continues on its path of economic growth, the emphasis on efficient and effective dispute resolution mechanisms like arbitration will undoubtedly play a crucial role in shaping the country’s economic future.

Author : Rajdhani Delhi Representative

Rajdhani delhi representative

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