Strong Arbitration Framework Essential for India's Manufacturing Ambitions: Piyush Goyal
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Synopsis
Union Minister Piyush Goyal emphasizes the need for strong arbitration and mediation frameworks to position India as a leading global manufacturing hub. He discusses the importance of legal reforms, technological advancements, and India's economic growth trajectory.
Key Takeaways
- Strong arbitration mechanisms are vital for India's manufacturing growth.
- India is on track to become the fourth-largest global economy by 2025-26.
- Policy reforms like the Jan Vishwas Act are boosting investor confidence.
- India's advantages include a young workforce and technological advancements.
- The government is committed to enhancing arbitration efficiency.
New Delhi, March 29 (NationPress) Effective arbitration and mediation frameworks are essential for India's rise as a global manufacturing center, stated Union Minister of Commerce and Industry, Piyush Goyal, on Saturday.
During his address at the Special Plenary Session of the United International Avocat Conference in the capital, the minister highlighted the necessity of a solid legal and arbitration infrastructure to bolster India's swift economic advancement.
He pointed out the importance of trust in arbitration systems and recognized the apprehensions related to the dominance of large corporations and international biases.
The Minister called on stakeholders to enhance arbitration practices within India to ensure they are more effective and unbiased, thus creating a more favorable environment for investors.
Goyal showcased India's strong economic performance, claiming that the nation is currently the fastest-growing major economy, on the path to becoming the fourth-largest global economy by 2025-26.
He credited this progress to significant policy reforms, which include streamlining business regulations and decriminalizing over 180 legal provisions through the Jan Vishwas Act.
The Minister stressed that these reforms have fostered international confidence in India as a trustworthy investment hub.
The government is now advancing 'Jan Vishwas 2.0', aimed at further alleviating legal complexities.
“At the very least, businesses and individuals should be liberated from unnecessary stress and complications, no longer fretting over minor actions in their lives. We invite ideas from everyone. We are in active discussions with legal experts, and are open to any suggestions that could simplify the lives of businesses and citizens,” the minister asserted.
The emphasis is on streamlining processes and ensuring that errors can be corrected through reasonable measures instead of prolonged judicial review.
While discussing India's potential as a global manufacturing hub, Goyal highlighted several key factors including a youthful workforce, technological progress, and a large domestic market that improve manufacturing competitiveness. He also pointed out India's digital evolution, with widespread 5G connectivity enhancing business operations across the nation.
He reiterated the government's commitment to improving arbitration efficiency through technological integration and internationally recognized legal standards.
