Verma invites suggestions for hub
Two recent amendments related to commercial disputes are steps taken by the government to make India a hub for International Arbitration, said Rajveer S Verma, Additional Secretary, Ministry of Law and Justice.
He has also invited suggestions from the legal and arbitration professionals to help fulfil the government’s objective for making the hub.
Verma informed that the recent amendments to the ‘Arbitration and Conciliation Amendment Act 2019’ and ‘New Delhi International Arbitration Centre Act, 2019’ are two such steps in the direction.
Addressing the gathering comprising of businessmen, industrialists, builders, legal fraternity and related stakeholders, Verma outlined the importance of the infrastructure sector as the key growth driver of the Indian economy, assuring that the sector remains the focal point of all government policies, initiatives and investment plans.
Arbitration has emerged as a commercially significant method of dispute resolution and hence, having speedy, efficient, cost effective and fair settlement, arbitration is the key for India to become a leader amongst developing nations.
Given the large number of projects and players, both domestic and international, involved the number of disputes leading to arbitration is also growing significantly, making it essential to have an affordable and faster resolution of disputes, he said.
Verma spoke at the PHD Chamber’s conference on a vibrant and important topic of ‘Arbitration Norms for Infrastructure Sector’ held in Delhi on 9 Jan 2020.
PHD Chamber Senior Vice President Sanjay Aggarwal elaborated on the current arbitration scenario and urged the government to take necessary steps required to make the arbitration process less time consuming, more cost effective and productive.
The Arbitration and Conciliation Amendement Act, 2019 and New Delhi International Arbitration Centre Act, 2019 have provided an efficient, swift and effective dispute resolution mechanism in the infrastructure sector.
This has gone a long way in enhancing the investor sentiment and further encouraging foreign investor participation into the sector, giving the India’s infrastructure sector a push towards higher growth, said Aggarwal.
Ashish Wig, Chairman, Infrastructure Development Committee, PHD Chamber, said that there is a need of competent arbitrators and efficient infrastructure to support effective arbitration in India. fiinews.com