Online Dispute Management to Boost FDI Inflow: Vice President
Vice President M. Venkaiah Naidu said that Online Dispute Resolution Mechanism will enhance India’s attractiveness as investment destination.
Inaugurated the first National Conference on “Online Dispute Resolution Mechanism” organized by Construction Industry Arbitration Council (CIAC), Venkaiah Naiud has said that Online Dispute Resolution Mechanism is a laudable initiative to fast-track dispute resolution and it shall go a long way in resolving disputes, attracting more foreign investment by projecting India as an investor-friendly country and strengthen economy.
The Vice President complimented the Ministry of Law & Justice for taking the initiative in evolving this system and said this will help courts to concentrate on access to justice to people in better manner.
He further said that the rapid development of the Internet and electronic commerce, Online Disputes Resolution has been labeled “a logical and natural step” as it facilitates expeditious resolution of disputes.
Naidu said that the CIAC has been closely associated with UN Commission on international trade and law.
He further said that domestic and international trade and commerce has spurred competition provide more opportunities and imputed risks. The commercial arbitration in India is witnessing a steady transition and it should become more simpler, he added.
The Vice President said that country like India having a sound legal framework and ease of doing business can become a natural choice for investors.
He further said that flagship programs like establishment of Smart Cities in India would require a techno-legal smart dispute resolution mechanism. People should also be made aware of the avenues available, he added.