TIA NEWS / NEW DELHI:
Prime Minister Narendra Modi today said India was world’s fastest growing economy and was experiencing a digital revolution.
Addressing the valedictory address at the first ever Global Conference to strengthen arbitration and enforcement in India here, Mr. Modi said this was bridging digital and economic divide in Indian society.
Mr Modi said over 1000 archaic laws have been scrapped and the government has enacted Comprehensive Insolvency Bankruptcy code 2016. He said the government has implemented National Compnay Law Tribunals and established a statutory monetary policy committee.
Saying major amendments have been made to Arbitration Conciliation Act, he said this has made arbitration process easy, timely and hassle free. He said from cause-lists to case-laws, the lawyer’s library is now just a click away on mobile phone.
Mr Modi said the government has enacted Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act 2015 for speedy resolution. The Prime minister said there is need to facilitate vibrant eco system for alternative dispute resolution, including arbitration, mediation and conciliation.
Speaking on the occasion, Chief Justice of the Supreme Court Justice T S Thakur said mediation, conciliation and arbitration is in our ethos and there is a need to redefine the role. Justice Thakur said courts should show deference to arbitration awards and not interfere routinely. He said judges need training and government should revisit statutory provisions.
Speaking on the occasion, Law minister Ravi Shankar Prasad called for pushing institutional arbitration. Attorney General Mukul Rohtagi said one year time line to complete arbitration is appropriate.
The conference which began on Friday, titled ‘National Initiative On Strengthening Arbitration and Enforcement’ is being held to change the face of dispute resolution in India. Our correspondent covering the event reports, for the first time six leading international arbitral institutions and all major industry associations have come together to drive this initiative.