Government desires India to become hub of global arbitration

New Delhi, Aug 27 (KNN) Union Minister of Law & Justice, Electronics & Information Technology, Ravi Shankar Prasad today said that government wants India to become a centre of global arbitration.

Minister said, “We welcome investments and are keen on expeditious dispute resolution system.”

Prasad was speaking at the inaugural ceremony of ‘International Arbitration in BRICS: Challenges, Opportunities and Road ahead’ in New Delhi.

Showing his concern, Minister said that Indian Judiciary has given some of the best judges but why do they not get adequate representation in international arbitration?

He suggested that if there is growth in business, disputes will rise and that's why there is a need to put in place a robust arbitration forum.

“International arbitration must also appreciate the social constraints of investment in a country,” he added.

Lightening in the BRICS nation contribution in international arbitration, Minister said “If BRICS compromises of around 42% of population and 30% of geography then why do we see less number of arbitrators from these countries?”  BRICS represent 20% of world GDP. They have played a great role in economic growth of the world, he added. (KNN Bureau)