India’s Commerce and Industry Minister Piyush Goyal highlighted the critical role of arbitration and mediation mechanisms in positioning India as a global manufacturing powerhouse. Addressing the Special Plenary Session at the United International Avocat Conference in Delhi, the minister emphasized the importance of robust legal and arbitration frameworks to support economic growth and attract investments.
During his speech, Goyal underlined how arbitration and mediation could significantly alleviate judicial delays, fostering a stable and transparent business environment that is vital for investor confidence. Acknowledging existing concerns, he stressed the importance of ensuring impartiality in arbitration practices, calling for mechanisms that counteract potential biases from large corporations or international stakeholders. These steps, he argued, are essential for creating a more business-friendly climate within the country.
The minister underscored India’s rapid economic ascent, noting its status as the fastest-growing major economy and its projected achievement of becoming the world’s fourth-largest economy by 2025-26. He attributed this success to impactful policy reforms, including the simplification of business regulations and the decriminalization of over 180 legal provisions through the Jan Vishwas Act. Explaining the philosophy behind the legislation, he shared that the act aimed to build mutual trust between the government and its citizens by addressing minor errors with reasonable measures instead of punitive legal actions.
Goyal revealed that the government is already planning to roll out the next phase of these reforms under the banner of Jan Vishwas 2.0. This initiative seeks to further reduce legal complexities, empowering both businesses and individuals by eliminating unnecessary bureaucratic challenges. He invited legal experts and the public to contribute ideas to make these laws more citizen-friendly and business-friendly.
In discussing India’s strategic advantages as a manufacturing hub, the minister cited its young workforce, technological advancements, and vast domestic market. These elements, he noted, collectively enhance India’s competitiveness on the global stage. He also emphasized the transformative impact of digital advancements, including widespread 5G connectivity, which has streamlined business operations across the nation.
Turning his focus to legal reforms, Goyal underscored the need for modernization to align India’s judicial and arbitration systems with global standards. He reiterated the government’s commitment to integrating technology into arbitration practices and enacting internationally benchmarked legislation. Echoing Prime Minister Narendra Modi, Goyal remarked, “Justice is at the root of independent self-governance, and without justice, even the existence of a nation is not possible.”
Goyal called upon the legal community to contribute to drafting robust, clear, and globally competitive legal frameworks. Such reforms, he asserted, would play a pivotal role in India’s aspirations to become a dominant player in the global economy. A strengthened legal infrastructure, he said, would not only accelerate economic growth but also solidify India’s reputation as a reliable partner in international trade.
The minister concluded his remarks by encouraging stakeholders from the legal profession to play an active role in shaping policies that align with India’s vision for the future. As India continues its journey toward becoming a global economic powerhouse, initiatives like these serve as a cornerstone for sustained progress and development.
