Arbitration Council of India and New Delhi International Arbitration Centre Needs to become International Arbitration Hub: Law Minister Kiren Rijiju
Minister also stated that to achieve the Prime Minister’s vision to develop 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.
Shri Kiren Rijiju, Minister for Law & Justice, along with Prof. S P Singh Baghel, Minister of State for Law & Justice took a meeting with the officers of the Department of Legal Affairs and Legislative Department on 15th July 2021 at Shastri Bhawan. Shri Anoop Kumar Mendiratta, Law Secretary and Secretary, Legislative Department along with officers welcomed the Ministers who in their introductory remarks highlighted the areas of priority for the Government with regard to the working of the Ministry and emphasized upon the need for time-bound disposal of files marked to the Department.
Law Minister expressed his appreciation for the Legal Information Management and Briefing System (LIMBS )initiative of the Department and directed for further enhancing its scope and reach to monitor litigation which is of significant importance from Government and Policy perspectives.
Minister also stated that to achieve the Prime Minister’s vision to develop 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. The establishment of these institutions will not only help in the reduction of litigation for the appointment of arbitrators but would promote institutional arbitration, which is the need of the hour. 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. These initiatives would be conducive in attracting foreign investments and strengthening of the Indian economy.