Union Minister of Commerce and Industry, Piyush Goyal, emphasized the importance of arbitration and mediation frameworks in India’s journey to becoming a global manufacturing leader. Speaking at the United International Avocat Conference in Delhi, Goyal underscored that a robust legal and arbitration system is critical to India’s rapidly growing economy. These mechanisms play a key role in reducing judicial delays and ensuring a transparent and stable environment for business. He called for strengthening arbitration practices to foster a more impartial and efficient system, enhancing the nation’s appeal to investors.
India’s remarkable economic growth, which is making it the fastest-growing major economy, is expected to result in the country becoming the fourth-largest global economy by FY26. This growth is fueled by significant reforms such as simplifying business regulations and decriminalizing over 180 legal provisions under the Jan Vishwas Act. The government is now working on Jan Vishwas 2.0 to further ease legal complexities. Goyal also highlighted India’s advantages as a manufacturing hub, including a young workforce, technological advancements, and a large domestic market. He called for modernization of the country’s judicial and arbitration systems to meet global standards, integrating technology, and aligning laws with international benchmarks to improve arbitration efficiency.
