Arbitration: A Key Facet of Make In India, Says EAM Dr Jaishankar

  • May 11, 2024, 11:25 p.m.

Delhi, India - At the recent inauguration of the Arbitration Bar of India, External Affairs Minister (EAM) Dr. S. Jaishankar emphasized the importance of arbitration in India’s journey towards a developed nation, or “Viksit Bharat”.

“Arbitration in India is a key facet of Make In India,” Dr. Jaishankar stated, highlighting the role of dispute resolution in fostering a conducive business environment. He underscored that effective arbitration mechanisms are crucial for attracting foreign investment and promoting domestic industries.

The Make In India initiative, launched in 2014, aims to transform India into a global manufacturing hub, boosting economic growth and creating job opportunities. Dr. Jaishankar’s remarks underscore the government’s commitment to improving the ease of doing business in India.

The inauguration of the Arbitration Bar of India marks a significant step in strengthening India’s arbitration framework. The Bar will serve as a professional body for arbitrators, enhancing the quality and credibility of arbitration in India.

Dr. Jaishankar’s comments come at a time when India is making concerted efforts to improve its dispute resolution mechanisms. The government has introduced several reforms in recent years to make the arbitration process more efficient and user-friendly.

By emphasizing the role of arbitration in the Make In India initiative, Dr. Jaishankar has highlighted the government’s holistic approach to economic development. It is clear that for India to become a “Viksit Bharat”, robust and effective dispute resolution mechanisms like arbitration are not just desirable, but essential.

As India continues on its path of economic growth, the role of arbitration in resolving commercial disputes will undoubtedly become even more significant. The inauguration of the Arbitration Bar of India is a positive step in this direction, promising a brighter future for dispute resolution in India.

  •  

Author : Rajdhani Delhi Representative

Rajdhani delhi representative

Related News