January 9, 2020
Government to make India an International Arbitration hub, Mr Rajveer S Verma, Additional Secretary, Ministry of Law and Justice
Government to make India a hub for International Arbitration, by undertaking effective steps to strengthen the arbitration mechanism and make it more reliable and flexible, said Mr Rajveer S Verma, Additional Secretary, Ministry of Law and Justice, at the annual conference on ‘Arbitration Norms for Infrastructure Sector’ held at PHD House, New Delhi.
The recent amendments to the ‘Arbitration and Conciliation Amendment Act 2019’ and ‘New Delhi International Arbitration Centre Act, 2019’ are two such steps in this direction, added Mr Verma.
The Chief Guest, Mr Rajveer S Verma, Additional Secretary, Ministry of Law and Justice, appreciated PHD Chamber for organising the conference on a vibrant and important topic of ‘Arbitration Norms for Infrastructure Sector’.
Addressing the gathering comprising of businessmen, industrialists, builders, legal fraternity and related stakeholders, the Chief Guest, Mr Rajveer S Verma, outlined the importance of the infrastructure sector as the key growth driver of the Indian economy and said that the sector remains the focal point of all government policies, initiatives and investment plans.
Arbitration has emerged as a commercially significant method of dispute resolution and hence, having speedy, efficient, cost effective and fair settlement arbitration is the key for India to become a leader amongst developing nations, said Mr Verma.
Mr Rajveer Verma said given the large number of projects and players, both domestic and international, involved the number of disputes leading to arbitration is also growing significantly, making it essential to have an affordable and faster resolution of disputes, said.
Mr. Verma while concluding his enlightening remarks invited suggestions from the legal and arbitration professionals present at the conference to help fulfil the government’s objective for making India a hub for International Arbitration.
Mr Sanjay Aggarwal, Senior Vice President, PHD Chamber, while welcoming the Chief Guest Mr Rajveer S Verma, Additional Secretary, Ministry of Law and Justice the delegates to this unique conference, elaborated on the current arbitration scenario and urged the government to take necessary steps required to make the arbitration process less time consuming, more cost effective and productive.
The Arbitration and Conciliation Amendement Act, 2019 and New Delhi International Arbitration Centre Act, 2019 have provided an efficient, swift and effective dispute resolution mechanism in the infrastructure sector. This has gone a long way in enhancing the investor sentiment and further encouraging foreign investor participation into the sector, giving the India’s infrastructure sector a push towards higher growth, said Mr Aggarwal.
Mr Ashish Wig, Chair, Infrastructure Development Committee, PHD Chamber, said that there is a need of competent arbitrators and efficient infrastructure to support effective arbitration in India.
Also, present at the conference were Ms Priya Hingorani, Senior Advocate, Supreme Court of India & Chairperson, Arbitration & Dispute Resolution Cell, PHD Chamber, Mr. Alok Krishna Agarwal, Founder, Sheldon Law Firm & Co-Chair-Arbitration & Dispute Resolution Cell, PHD Chamber, Dr. R.J.R. Kasibhatla, Deputy Legal Adviser, Department of Legal Affairs, Ministry of Law & Justice, Government of India, Dr. Subhash C Gupta, Senior Advocate, Supreme Court of India, among others.
PHD Chamber of Commerce and Industry