Topic: Government policies and interventions for development in various sectors and issues arising out of their design and implementation.
3) Recent legal reforms and judgments have pointed towards India as a country gradually developing into an arbitration-friendly regime. Comment on the statement in the light of recently passed the Arbitration and Conciliation (Amendment) Bill, 2019.(250 words)
Why this question:
The question aims to analyse the arbitration regime in the country.
Key demand of the question:
One must explain need for arbitration in the country and its relevance along with recent steps in this direction.
Comment– here we have to express our knowledge and understanding of the issue and form an overall opinion thereupon.
Structure of the answer:
Briefly state the current status of arbitration and reconciliation in the country.
One has to discuss the various nuances of the arbitration and reconciliation paradigm in the country.
Discuss that the country recently passed the Arbitration and Conciliation (Amendment) Bill, 2019 and the New Delhi International Arbitration Centre Bill, 2019, which are the first few firm steps in the long walk ahead of us in terms of making India an international arbitration hub. Along with this, the NITI Aayog’s ‘National Initiative towards Strengthening Arbitration and Enforcement in India’ and the central government’s ‘Make in India’ initiative, these reforms will help the country reach newer heights not only in terms of arbitration, but also in various allied business fields.
Explain the need of it and significance in detail.
Conclude with way forward.