New Delhi [India], March 29 : Arbitration and mediation mechanisms are crucial for India's emergence as a global manufacturing hub, stated Union Minister of Commerce & Industry Piyush Goyal while addressing the Special Plenary Session at the United International Avocat Conference in Delhi on Saturday.
The Ministry of Commerce and Industry said in an official statement that in his speech, he underscored the importance of a strong legal and arbitration framework in supporting India's rapid economic growth and its ambition to become a global manufacturing hub.
Goyal noted that arbitration and mediation play a pivotal role in reducing judicial delays and ensuring a stable and transparent business environment.
He emphasised the need for confidence in arbitration mechanisms and acknowledged concerns regarding the influence of large corporations and international biases. The Minister urged stakeholders to strengthen arbitration practices in India to make them more efficient and impartial, thereby fostering a more investor-friendly climate.
Reflecting on India's growth trajectory, 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 emphasized that these reforms have built international trust in India as a reliable investment destination.
He explained that the Jan Vishwas was named to foster mutual trust between the government and the people. The objective was to assure citizens that the government believes in them and does not seek to penalize minor mistakes with severe legal consequences. Instead, the focus is on simplifying processes and ensuring that errors can be rectified through reasonable measures rather than lengthy judicial scrutiny.
Goyal also said that the government is now working on Jan Vishwas 2.0, aimed at further reducing legal complexities. "Incidentally, we are now moving towards Jan Vishwas 2.0. At the very least, businesses and individuals should be free of unnecessary tension and difficulties, not 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," he added.
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.
Addressing ongoing legal reforms, Goyal stressed the need to modernize India's judicial and arbitration systems to align with global best practices. He reaffirmed the government's resolve to enhance arbitration efficiency through technology integration and internationally benchmarked laws.
The Minister quoted Prime Minister Narendra Modi, stating, "Justice is at the root of independent self-governance, and without justice, even the existence of a nation is not possible."
Goyal concluded by encouraging the legal fraternity to play a key role in drafting clear, robust, and globally competitive legal frameworks that support India's aspirations as a global economic powerhouse. He emphasized that a strong legal infrastructure will not only facilitate economic growth but also reinforce India's reputation as a trusted partner in the global trade ecosystem.