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Need to address arbitration cases of Indian commercial interests within country: Sitharaman


 

There is a need to bring in a proper and a stronger arbitration mechanism in the country so that the cases of Indian commercial interests remain in the country and do not have to travel abroad for arbitration, Commerce and Industry Minister Nirmala Sitharaman has said.

Sitharaman added that the government is committed in establishing a strong arbitration mechanism in line with the other efforts being implemented by the government to facilitate ease of doing business in the country.

Commenting upon the ease of doing business document released by the government recently and comparing it with the ease of doing business report by the World Bank, Sitharaman said that both the reports are complementary documents in understanding the actual situation in the country.

While the World Bank’s report takes into consideration the perspective of the industry players and their experience In doing business, the government’s report is to have insights from the ground level officials that are responsible for facilitating ease of doing business in their respective regions.

She said that this approach will help understand the gaps that exist between the policy being rolled out and the manner in which it reaches the end entrepreneur.

The Minister also informed that the comparison will help determine the direction of the policies in future. 

Sitharaman was speaking at the release event of Ease of Doing Business Survey Report earlier this week. The report was released in the presence of Law Minister Ravi Shankar Prasad, DIPP Secretary Ramesh Abhishek and NITI Aayog Vice-Chairman Arvind Pangariya. (KNN/ DA)

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