External Affairs Minister Dr. S Jaishankar highlighted the significance of arbitration in India as a pivotal aspect of the ‘Make in India’ initiative. This emphasizes the country’s commitment to fostering a conducive business environment and resolving disputes efficiently, thereby promoting domestic manufacturing and attracting foreign investment.
Union Ministers Dr S Jaishankar and Ashwini Vaishnaw emphasized the significance of establishing India as a center for arbitration. They highlighted arbitration as a crucial aspect of the Indian government‘s flagship program, Make in India.
During the inauguration of the Arbitration Bar of India (ABI) at the Bharat Mandapam in New Delhi, the External Affairs Minister stated,
“Arbitrate in India is an essential component of Make In India. Arbitration will contribute to our journey towards a developed India.”
The ABI, comprising individual practitioners specializing in arbitration, aims to provide skilled professionals to other arbitration institutions.
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Distinguished attendees at the event included former Supreme Court judge Justice Hemant Gupta, Attorney General R Venkataramani, Solicitor General Tushar Mehta, and ABI President Gourab Banerji. Dr Jaishankar expressed that the occasion symbolizes India’s redistribution of power and influence in the evolving global order.
He expressed,
“This achievement would not have been possible without the current visionary leadership. Arbitration is widely acknowledged as a fundamental component of contemporary dispute resolution and plays a crucial role in India’s rapid economic growth and harnessing its demographic advantage,”
The ‘Arbitrate in India’ initiative proposes establishing India as a major center for arbitration, which is a form of alternative dispute resolution (ADR). Arbitration allows parties to resolve disputes outside of traditional court settings, which can often be time-consuming and costly. By promoting a robust arbitration framework, the initiative aims to provide a faster, more efficient method of settling commercial disputes, which is a key consideration for international investors and businesses.
Vaishnaw, the Minister of Railways, Communications and Electronics and Information Technology, emphasized the importance of fostering a collective mindset across all financial endeavors within the Indian economy.
He emphasized,
“We must strive to develop Indian arbitration into a distinctive entity, much like our UPI system and cultural heritage,”
Dr. Jaishankar’s vision of making ‘Arbitrate in India’ a key part of the ‘Make in India’ strategy is a forward-thinking approach that aims to enhance both the economic and legal environments in India. By improving the ease of doing business through a streamlined arbitration process, India not only aims to attract more business and investment but also to assert its role as a leading player in the global market.