Summary:
Speaking at the United International Avocat Conference in Delhi, Union Minister of Commerce & Industry, Mr. Piyush Goyal, underscored the pivotal role of arbitration and mediation in establishing India as a leading global manufacturing hub. He emphasized that a robust legal and arbitration framework is essential to sustain the nation’s rapid economic expansion. By minimizing judicial delays and fostering a transparent, stable business environment, arbitration and mediation contribute significantly to investor confidence. He called on stakeholders to enhance arbitration mechanisms in India, making them more impartial and efficient to attract greater investment.
As the fastest-growing major economy, India is on track to become the world’s fourth-largest economy by FY26. This impressive growth is driven by transformative policy reforms, such as the simplification of business regulations and the decriminalization of over 180 legal provisions through the Jan Vishwas Act. To further streamline legal processes, the government is now working on Jan Vishwas 2.0. Mr. Goyal also highlighted India's strategic advantages as a global manufacturing hub, including its young workforce, technological innovations and vast domestic market. He stressed the importance of modernizing the country's judicial and arbitration systems by aligning them with international standards, integrating technology and adopting globally recognized legal frameworks to enhance arbitration efficiency.
Source: IBEF
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