Union Law Minister Arjun Ram Meghwal highlighted several policy and legal reforms introduced by the government to improve India’s arbitration system. These reforms aim to make arbitration in India more efficient, reliable, and widely accepted as a method of dispute resolution.
NEW DELHI: The Union Law Ministry has revealed that the Central government has provided financial support of Rs.7.5 crore over the past three years to the India International Arbitration Centre (IIAC). This funding aims to promote and strengthen institutional arbitration in India.
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The government has distributed the funds as follows:
- 2022-23: Rs.2.25 crore
- 2023-24: Rs.3 crore
- 2024-25 (till now): Rs. 2.25 crore
This information was shared by Minister of State for Law and Justice Arjun Ram Meghwal in response to questions raised in the Rajya Sabha by Aam Aadmi Party (AAP) MP Sanjeev Arora.
Minister Arjun Ram Meghwal highlighted several policy and legal reforms introduced by the government to improve India’s arbitration system. These reforms aim to make arbitration in India more efficient, reliable, and widely accepted as a method of dispute resolution.
When asked about the total number of arbitration cases handled under the Arbitration and Conciliation Act, 1996, in the last five years, the Minister stated that “the government does not maintain such data.”
To encourage institutional arbitration, the government has taken several steps, especially in major cities such as Delhi, Mumbai, and Bengaluru. Some of the key measures include:
- Amendments to the Arbitration and Conciliation Act in 2015 and 2019 to make arbitration processes faster and more transparent.
- Establishment of the India International Arbitration Centre (IIAC) under the India International Arbitration Centre Act, 2019. This institution serves as a neutral and independent platform for commercial dispute resolution.
On the topic of India’s arbitration position compared to international hubs like Singapore, London, and Hong Kong, the Minister stated that “no formal assessment of India’s global arbitration ranking has been conducted.”
However, the government is continuously working on reforms to strengthen the arbitration framework in India. These efforts are aimed at enhancing India’s reputation as a reliable arbitration hub and improving its global competitiveness in alternative dispute resolution.
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