Union Law Minister Kiren Rijiju said institutional arbitration was the “need of the hour” as it would help promote the ease of doing business in the country.
Union Law Minister Kiren Rijiju (file photo)
Newly appointed Union Law Minister Kiren Rijiju has backed the need for institutional arbitration in the country as a form of alternative dispute resolution mechanism, saying it would help promote the ease of doing business in the country.
New Union Law Minister Kiren Rijiju, along with State Minister for Law SP Singh Baghel, held a meeting with the Legal Affairs Department and the Legislative Department on Thursday. The Minister of Justice has declared that institutional arbitration is the “need of the hour”.
Kiren Rijiju expressed the need to establish the Arbitration Council of India (AIT) and the New Delhi International Arbitration Center (NDIAC) to develop India as an international arbitration hub.
He said that these institutions will help reduce the reliance on litigation as a means of resolving disputes and that efforts in this direction will help the country to promote the environment of the ease of doing business (EODB), especially with regard to relates to the performance of contracts. It would also help to further improve India’s position on the World Bank’s EODB list, he said.
Kiren Rijiju further said that these initiatives would be conducive to attracting foreign investment and boosting the Indian economy.
The two ministers highlighted the priority areas for the government with regard to the functioning of the Ministry of Justice and underlined the need for timely disposal of the files marked at the departments.
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