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With reforms, India can become centre for international arbitrations: Prez
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SME Times News Bureau | 22 Oct, 2016
While India has the basic legal and physical infrastructure to support
international arbitrations, it only needs basic institutional reforms to
strengthen its arbitration framework, President Pranab Mukherjee
observed in New Delhi on Friday.
While inaugurating a three-day global
conference on "National Initiative Towards Strengthening Arbitration and
Enforcement in India", Mukherjee said that arbitral institutions needed
to partner with the Indian legal profession to expand their footprint.
"Arbitral
institutions need to proactively nurture and expand the pool of
arbitrators to include subject matter expertise in sectors like
infrastructure, energy and finance. This will in the long run help build
confidence in the arbitration ecosystem of India," said the President.
He
also said that Indian courts need to devise an administrative mechanism
to ensure that arbitration matters are handled separately and
efficiently, so as to avoid any delay arising out of judicial
intervention.
Speaking earlier, Chief Justice of India T.S.
Thakur called for a modern and state-of-the-art arbitration regime to
bolster India's foreign investment future.
"Promoting
institutional arbitration will help India emerge as a preferred
destination for arbitral adjudication. Studies show that foreign
investors consider India as a preferred foreign portfolio investment
amongst the emerging markets," the Chief Justice said.
"Investment
future looks promising provided we are ready to deliver dispute
resolution to the satisfaction of the foreign investing partners," he
added.
He also said that the perception of Indian courts interfering with arbitral awards is fast changing.
Speaking
at the event, Union Finance Minister Arun Jaitley said that being the
world's fastest growing economy with an independent and powerful
judiciary, right laws in place and sufficient infrastructure, there is
no reason that India cannot become an important arbitration centre in
the world.
"As an economy which is attracting investment, as the
world's fastest growing economy, disputes in relation to that economy
should take place in India. Since India has an independent and powerful
judiciary, there is no reason we can't have a robust and independent
arbitral mechanisms in India," Jaitley said.
He said that some of
the recent pronouncements of the Indian courts related to business
disputes "are testimony to the fact our judicial and quasi-judicial
system has shown maturity that can a long way" in making India an
important arbitration centre.
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