New Delhi: Strong arbitration and mediation mechanisms are crucial for India's emergence as a global manufacturing hub, Union Minister of Commerce and Industry, Piyush Goyal, said on Saturday. Addressing the Special Plenary Session at the United International Avocat Conference in the national capital, the minister underscored the importance of a strong legal and arbitration framework in supporting India's rapid economic growth.

He emphasised the need for confidence in arbitration mechanisms and acknowledged concerns regarding the influence of large corporations and international biases. The Minister also urged stakeholders to strengthen arbitration practices in India to make them more efficient and impartial, thereby fostering a more investor-friendly climate. Goyal highlighted the nation’s robust economic performance, stating 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 emphasised that these reforms have built international trust in India as a reliable investment destination.

The government is now working on ‘Jan Vishwas 2.0’, aimed at further reducing legal complexities. “At least, businesses and individuals should be free of unnecessary tension and difficulties, worrying about every small action in their lives. If anyone has ideas, we welcome them. We are actively engaging with legal experts, but even now, we are open to suggestions on any law that can help make the lives of businesses and citizens easier," the minister emphasised.

 The focus is on simplifying processes and ensuring that errors can be rectified through reasonable measures rather than lengthy judicial scrutiny. Discussing India's advantages as a global manufacturing hub, Goyal pointed out key factors such as a young workforce, technological advancements, and a vast domestic market that enhances manufacturing competitiveness. The minister also highlighted India's digital transformation, with extensive 5G connectivity improving ease of business operations across the country. He reaffirmed the government’s resolve to enhance arbitration efficiency through technology integration and internationally benchmarked laws. 

(IANS)