Aishwarya Rathore-
Kiren Rijiju, the country’s newly appointed Union Law Minister, has advocated institutional arbitration as an alternative conflict resolution method, claiming that it will assist in promoting ease of doing business in the country.
On Thursday, Union Law Minister Kiren Rijiju, along with Minister of State for Law SP Singh Baghel, held a meeting with the Department of Legal Affairs and the Legislative Department.
Institutional arbitration, according to the law minister, is a “need of the hour”.
To strengthen India as an international arbitration hub, Kiren Rijiju stated that the Arbitration Council of India (ACI) and the New Delhi International Arbitration Centre (NDIAC) must be established.
He stated that these institutions will aid in lowering the reliance on litigation as a means of resolving conflicts, and that the country’s efforts in this direction will aid in the promotion of ease of doing business (EODB) environment, particularly in terms of contract enforcement. It would also help India’s place on the World Bank’s EODB list to improve further.
He further stated that these initiatives would help India attract International Investment and strengthen its economy.
Both ministers emphasised the government’s top priorities in terms of the Law Ministry’s operations, as well as the importance of timely disposal of files assigned to departments.