Reforms in dispute resolution will incentivise investors: Law Min
LONDON: The government has undertaken several steps to strengthen the judiciary and alternate dispute resolution mechanism which will act as an incentive to foreign investors and help take India-UK relations to new heights, Union Minister for Law and Justice Arjun Ram Meghwal has said.
Meghwal, who is on his first UK visit since taking charge of the portfolio last month, participated at an Indian Council of Arbitration (ICA) conference here.
He also met his British counterpart Alex Chalk to discuss bilateral cooperation in the field of law and justice on Monday.
In a special address at the second edition of ICA's Arbitrating Indo-UK Commercial Disputes' conference organised in partnership with the Federation of Indian Chambers of Commerce and Industry (FICCI), the minister detailed the "far-reaching legal reforms" undertaken by the government to not only cater to foreign investor comfort level but also ease the burden on the courts.
"I am sure various reforms undertaken by the Indian government, including in the field of dispute resolution, will further act as an incentive for investors and a stimulus for increasing cooperation in various sectors and take India-UK relations to newer heights," said Meghwal.
"As we know, trade, industry, commerce and investment can only thrive if the state policy provides a conducive business environment to the stakeholders along with a robust dispute resolution mechanism Businesses seek the assurance of the privilege 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," he said, highlighting steps being taken to "develop India as a hub of international commercial arbitration". "In order to provide a quick and robust system for resolution of commercial disputes, the government of India is working on the vision of the PM (Narendra Modi) which is more focused on providing a robust alternative dispute resolution ecosystem and strengthening the traditional dispute resolution centres," he added.