New Delhi, Jul 15 (PTI) Law Minister Kiren Rijiju on Thursday underlined the need to make India a hub of international arbitration, saying this will also help in promoting ease of doing business in the country.
Interacting with officers of the Department of Legal Affairs and Legislative Department in the Law Ministry here, he said to achieve the prime minister's vision of developing India as an international arbitration hub, the Arbitration Council of India (ACI) and the New Delhi International Arbitration Centre (NDIAC) are required to be set up.
Establishing these institutions would not only help in reduction of litigation for appointment of arbitrators, but would promote institutional arbitration, which is the need of the hour, an official statement said quoting Rijiju. Besides, the efforts in this direction would help the country in promotion of ease of doing business (EODB) environment, particularly with regard to enforcing of contracts and help in further improving of India's position in the World Bank ranking on EODB, Rijiju felt. These initiatives would be conducive in attracting foreign investments and strengthening of the Indian economy, he said.
Minister of State for Law S P Singh Baghel was also present in the meeting.
Successive governments have been trying to make India into a hub of international arbitration on the lines of Singapore and London.
The new minister will have to take the process forward.
While the Department of Legal Affairs gives legal advice to various central ministries, the Legislative Department helps ministries draft bill and crucial documents, including ordinances. PTI NAB ZMN