NEW DELHI: India has the potential to emerge as a leading seat for international dispute resolution, President Pranab Mukherjee said today.
“I am convinced that India has the potential to emerge as a leading seat for international dispute resolution. Prime Minister has also declared that an enabling alternate dispute resolution ecosystem is a national priority for India and that we need to promote India globally as an arbitration hub,” Mukherjee said in his address at a conference to mark 50th anniversary of United Nations Commission on International Trade Law (UNCITRAL).
He said while India has had a long history of peaceful resolution of disputes from the Panchayat system onwards to several enactments concerning arbitration prior to Independence, the year 1996 marked a watershed in the development and modernisation of arbitration in India. Critical amendments were made to the Arbitration and Conciliation Act to ensure timely and just resolution of arbitral disputes.
India last month launched a national initiative towards strengthening Arbitration and Conciliation.
The Prime Minister has also declared that an enabling alternate dispute resolution ecosystem is a national priority for India and that there is a need to promote India globally as an arbitration hub. (AGENCIES)
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