Arbitration, mediation mechanisms crucial for India's emergence as global manufacturing hub: Piyush Goyal
Union Minister of Commerce & Industry Piyush Goyal has said that arbitration and mediation mechanisms are crucial for India's emergence as a global manufacturing hub. Minister noted that arbitration and mediation play a pivotal role in reducing judicial delays and ensuring a stable and transparent business environment. He emphasized the need for confidence in arbitration mechanisms and acknowledged concerns regarding the influence of large corporations and international biases. The Minister urged stakeholders to strengthen arbitration practices in India to make them more efficient and impartial, thereby fostering a more investor-friendly climate.
Further, highlighting the nation’s robust economic performance, he stated that India is the fastest-growing major economy and is on track to becoming the fourth-largest global economy by 2025-26. He attributed this progress to significant policy reforms, including the simplification of business regulations and the decriminalization of over 180 legal provisions through the Jan Vishwas Act. The Minister emphasized that these reforms have built international trust in India as a reliable investment destination.
Goyal explained that the Jan Vishwas was named with the intent of fostering mutual trust between the government and the people. The objective was to assure citizens that the government believes in them and does not seek to penalize minor mistakes with severe legal consequences. Instead, the focus is on simplifying processes and ensuring that errors can be rectified through reasonable measures rather than lengthy judicial scrutiny. Goyal also added that the government is now working on Jan Vishwas 2.0, aimed at further reducing legal complexities.
