We need to promote India globally as an arbitration hub, PM Modi said.
Underlining the need to promote India as a global arbitration hub, Prime Minister Narendra Modi on Sunday said an alternate dispute resolution ecosystem was a national priority.
Addressing the closing session of a three-day Global Conference on National Initiative towards Strengthening Arbitration and Enforcement in India, PM Modi said India's economic interests can be better served by an effective institutional arbitration system.
"We need to facilitate a vibrant ecosystem for alternate dispute resolution, including arbitration, mediation and conciliation," PM Modi said.
"An alternate dispute resolution ecosystem is a national priority for India. We need to promote India globally as an arbitration hub," he said.
Stressing the importance of arbitration, the Prime Minister said there was a need to expand the ambit of legal education in the country.
"India's economic intersts can be better served by a higher number of arbitration experts and lawyers. This in turn requires widening the ambit of legal education in India. There is a need to develop specialised arbitration bar association and professionally ruled arbitral institutions which can deliver," he said.
PM Modi also listed the various reforms his government has initiated in the field of law.
"Over a thousand archaic laws have been scrapped. We have enacted Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act, 2015, for speedy resolution," he said.
"We have enacted a comprehensive Insolvency and Bankruptcy Code, 2016. We have implemented the National Company Law Tribunals and established a statutory Monetary Policy Committee," he said.
PM Modi also said digital revolution in India was bridging the "digital and economic divide in the society".
"I am sure deliberations shall help in strengthening arbitration and set a milestone in positioning India as a global hub for arbitration," he added.