‘Resolve in India’ the new Mantra. Right from cause-lists to case-laws, the Lawyer’s Library today is just a click away, PM Modi said.
Prime Minister Narendra Modi has today addressed the Global Conference on National Initiative on Strengthening Arbitration & Enforcement in India at the Plenary Hall in New Delhi.
This is the first ever global conference to strengthen Arbitration and Enforcement in India that began in New Delhi on October 21 and was inaugurated by Sh. Pranab Mukherjee, President of India.
It is co-organised by NALSA, NITI Aayog and Min. of Laws and Justice, GOI.
In his address, PM Modi said important amendments have been carried out in the Arbitration and Conciliation Act which has now made Arbitration process easy, timely and hassle-free.
He said that India is undergoing a digital revolution and this is bridging the digital and economic divide in Indian society both in urban and rural India.
Conference is quite important in the backdrop of the losses being suffered by the business enterprises and the economy at large, on account of backlogs in dispute resolution in Indian courts.
The Prime Minister also shared that about 1000 archaic laws have been recently scrapped and the government has enacted a comprehensive Insolvency and Bankruptcy Code, 2016.
Commercial Courts, Commercial Division & Commercial Appellate Division of High Courts Act 2015 have also been established, he further added.
Giving details of the other initiatives taken by the Government, Modi said the government has implemented the National Company Law Tribunals apart from establishing a statutory Monetary Policy Committee.
Modi highlighted the need to facilitate a vibrant ecosystem for alternate dispute resolution, including arbitration, mediation and conciliation.
As per reports by ANI, it is for the first time six leading international arbitral institutions and all major industry associations have come together to provide impetus to commercial arbitration in the country.