Dr. Syama Prasad Mookerjee Research Foundation

Salient Points of Valedictory speech by PM Narendra Modi at National Initiative towards Strengthening Arbitration and Enforcement in India on 23rd Oct, 2016

• India is today the fastest growing major economy, and one of the most attractive destinations for FDI

• India is experiencing a digital revolution. This is bridging the digital and economic divide in Indian society

• We are enacting a Goods and Services Tax law, to create an integrated national market

• From cause-lists to case-laws, the lawyer’s library is now just a click away on your mobile phone

• Innovative business models and app-based start-ups have instilled a spirit of enterprise among Indians

• Over a 1000 archaic laws have been scrapped. We have enacted a comprehensive Insolvency and Bankruptcy Code, 2016

• We have implemented the National Company Law Tribunals & established a statutory Monetary Policy Committee

• We have enacted Commercial Courts, Commercial Division & Commercial Appellate Division of High Courts Act 2015 for speedy resolution

• A National Judicial Data Grid has been set up to provide data on cases pending in district courts across the country

• We need to facilitate a vibrant ecosystem for alternate dispute resolution, including arbitration, mediation and conciliation

• Major amendments have been made to Arbitration and Conciliation Act. This has made arbitration process easy, timely & hassle-free

• India has no dearth of brilliant lawyers and judges. We have a large no of retired judges, engineers & scientists who can serve as arbitrators

• An alternate dispute resolution ecosystem is a national priority for India. We need to promote India globally as an arbitration hub

• Am sure deliberations shall help in strengthening Arbitration & set a milestone in positioning India as a global hub for arbitration