External Affairs Minister Dr. S. Jaishankar, speaking at the inauguration of the Arbitration Bar of India, underscored the critical role of arbitration in India’s rapid economic progress and harnessing its demographic dividend. Dr. Jaishankar’s remarks highlighted arbitration as a cornerstone of modern dispute resolution, crucial for India’s economic growth trajectory and leveraging its demographic advantages.
Arbitration, as a modern and efficient dispute resolution mechanism, is recognized globally for its effectiveness in resolving commercial disputes. Dr. Jaishankar emphasized its significance in providing a stable and predictable legal framework that is essential for fostering investor confidence and promoting business growth in India.
“Arbitration is recognized as a cornerstone of modern dispute resolution and is key for India in its rapid economic progress and to make use of its demographic dividend,” stated Dr. Jaishankar, acknowledging the pivotal role arbitration plays in India’s economic landscape.
The Minister’s remarks highlight the strategic importance of arbitration not only in resolving disputes but also in creating an environment conducive to economic development. By providing a fair and efficient mechanism for dispute resolution, arbitration facilitates smooth business operations, encourages investments, and contributes to overall economic prosperity.
The inauguration of the Arbitration Bar of India further strengthens India’s commitment to promoting alternative dispute resolution mechanisms and enhancing its business-friendly ecosystem. The event brings together legal experts, arbitrators, and industry stakeholders to collaborate and contribute to the evolution of arbitration practices tailored to India’s unique economic and legal landscape.
#WATCH | Delhi: Speaking at the inauguration of the Arbitration Bar of India, EAM Dr Jaishankar says, “Arbitration is recognised as a cornerstone of modern dispute resolution and is key for India in its rapid economic progress and to make use of its demographic dividend.” pic.twitter.com/dv4atOQexE
— ANI (@ANI) May 11, 2024
Dr. Jaishankar’s address underscores the government’s proactive approach towards strengthening legal frameworks and institutional mechanisms to support India’s economic aspirations. As India continues on its path of rapid economic growth and development, arbitration emerges as a key enabler, essential for navigating complex commercial landscapes and maximizing the benefits of its demographic dividend.