Minister for Law and Justice Kiren Rijiju on Thursday said an Arbitration Council of India and a New Delhi International Arbitration Centre need to be set up in order to achieve Prime Minister Narendra Modi's vision to develop India as an international arbitration hub.
Rijiju said this at a meeting with officers of the Department of Legal Affairs and Legislative Department, according to a press release.
The minister stated that to achieve the Prime Minister's vision to develop India as an international arbitration hub, the Arbitration Council of India (ACI) and the New Delhi International Arbitration Centre (NDIAC) are required to be set up.
Anoop Kumar Mendiratta, Law Secretary and Secretary, Legislative Department along with officers welcomed the Ministers who in their introductory remarks highlighted the areas of priority for the Government with regard to the working of the Ministry and emphasized the need for time-bound disposal of files marked to the Department.
Law Minister expressed his appreciation for the Legal Information Management and Briefing System (LIMBS) initiative of the Department and directed for further enhancing its scope and reach to monitor litigation which is of significant importance from government and Policy perspectives.
The establishment of these institutions will not only help in the reduction of litigation for the appointment of arbitrators but would promote institutional arbitration, which is the need of the hour.
Besides, the efforts in this direction would help the country in the promotion of ease of doing business (EODB) environment, particularly with regard to enforcing contracts, and help in further improving India's position in the World Bank ranking on EODB. These initiatives would be conducive to attracting foreign investments and strengthening the Indian economy.
( With inputs from ANI )
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