Government Committed To A Vibrant Ecosystem For Arbitration, Says PM Modi

New Delhi: Describing India as a bright spot in the global economy and an attractive destination for investors, Prime Minister Narendra Modi on Sunday said that his government is committed to create a vibrant ecosystem for arbitration that can ensure faster resolution of commercial disputes.

"Businesses seek assurance of the prevalence of rule of law in the Indian market. They need to be assured that the rules of the game will not change overnight, in an arbitrary fashion. And that commercial disputes will be resolved efficiently," Prime Minister Modi said while delivering the valedictory address at a conference on arbitration held by the NITI Ayog in Delhi.

Attended by several well-known and leading jurists, the conference on arbitration was also addressed by the Chief Justice of India TS Thakur.

Stressing that the judiciary in India need to be sensitised about arbitration. Mr Thakur said, "Why do people go to Singapore for arbitration? Not because they have some beau building or have better transcription facilities. It is how their judicial system treats the arbitration process."

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The process of arbitration is a quasi-judicial process where businesses and commercial establishments seek faster redressal of their disputes through an arbitrator instead of approaching regular courts.

Most jurists noted that companies and investors prefer to go countries like Singapore instead of India even though the commercial dispute could have arisen here. Speaking at the function, Law Minister Ravi Shankar Prasad said, "After Make in India and Digital India, it is time to coin a new slogan - Resolve in India."

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