TIL Desk/Business/New Delhi-Asserting that his government has initiated far-reaching legal reforms, Prime Minister Narendra Modi today said it wants to create a vibrant arbitration mechanism as investors need to be assured that the rules of the game will not be changed arbitrarily and commercial disputes can be resolved efficiently.
An enabling alternative dispute resolution ecosystem is a national priority as it will not only add to investors’ comfort level but also ease the burden on courts, he said, adding there is a need to promote India globally as an arbitration hub.
“Businesses seek assurance of the prevalence of rule of law in the Indian market. They need to be assured that the rules of the game will not change overnight, in an arbitrary fashion. And that commercial disputes will be resolved efficiently. A robust legal framework backed by a vibrant arbitration culture is essential,” he said.
Addressing the valedictory function of ‘National Initiative towards Strengthening Arbitration and Enforcement in India’, Modi said towards this end, the government has initiated far-reaching legal reforms.
