Minister of Commerce and Industry Piyush Goyal highlighted the need for robust arbitration mechanisms. The minister said this while addressing the special plenary session on Saturday at the Union Internationale des Avocats (UIA) Conference on India: The New Global Manufacturing Hub. Mr Goyal mentioned that Arbitration is a mechanism that can significantly reduce judicial delays if both parties sincerely accept the arbitration results. He underlined that there are sometimes concerns about the quality of arbitration. Mr Goyal highlighted that keeping the courts unclogged will give a significant boost to India’s desire to become a global manufacturing hub.
The minister also highlighted the role of technology in improving the efficiency of the judicial system and delivering justice faster. He said that the legal fraternity will play a very important role in drafting clear, robust and internationally benchmarked laws. The Minister added that the government has been trying to speed up the delivery of patents, copyright approvals, and design approvals. He also highlighted the importance of trust in business and the government’s efforts to build confidence in the global market. Mr. Goyal said that the domestic demand and scale of manufacturing in India make it a competitive player in the global market.
He mentioned that India has an average age of 28.3 years, making it one of the youngest nations in the world. Mr. Goyal added that the country is producing the highest number of graduates in Science, Technology, Engineering, and Mathematics (STEM) globally.
