The first ever global
conference to strengthen Arbitration and Enforcement in India will begin in New
Delhi today. The three-day conference titled - National Initiative On
Strengthening Arbitration And Enforcement is being held to change the face of
dispute resolution in India. President Pranab Mukherjee will inaugurate the
Conference, while Prime Minister Narendra Modi will deliver the valedictory
address on Sunday.
For the first time
six leading international arbitral institutions and all major industry
associations will come together to
drive this initiative. The Conference seeks
to provide impetus to commercial arbitration in the country, which is fast
gaining pace across the world, for faster and efficient dispute resolution
outside the court room.
It comes in the backdrop of the immense losses suffered by the business enterprises and the economy at large, due to backlogs involved in dispute resolution in Indian courts. This keeps resources and money of the businesses trapped till resolution of the dispute and is a major disincentive for foreign companies coming to invest.
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