Arbitration, Mediation Key to India’s Global Manufacturing Aspirations: Piyush Goyal

Union Minister of Commerce & Industry, Shri Piyush Goyal, emphasized the critical role of arbitration and mediation mechanisms in India’s rise as a global manufacturing hub. Speaking at the Special Plenary Session of the United International Avocat Conference in Delhi, he highlighted the importance of a robust legal and arbitration framework in fostering investor confidence and accelerating economic growth.

Legal Reforms to Boost Business Confidence

Shri Goyal stressed that a strong arbitration system helps reduce judicial delays, ensuring a transparent and stable business environment. Acknowledging concerns about corporate influence and international biases in arbitration, he urged stakeholders to strengthen India’s dispute resolution mechanisms to enhance efficiency and impartiality.

Reflecting on India’s economic progress, he reiterated that India is the fastest-growing major economy and is set to become the fourth-largest global economy by 2025-26. He credited this momentum to bold policy reforms, such as the simplification of business regulations and the decriminalization of over 180 legal provisions through the Jan Vishwas Act.

Jan Vishwas 2.0: Next Phase of Legal Reforms

Highlighting the success of Jan Vishwas Act, Shri Goyal revealed that the government is working on Jan Vishwas 2.0, aimed at further reducing legal complexities for businesses and individuals.

“Businesses and individuals should be free from unnecessary legal burdens. We welcome suggestions from experts and citizens on laws that can simplify compliance and improve ease of doing business,” he stated.

India’s Strengths as a Manufacturing Powerhouse

Shri Goyal underscored key factors driving India’s manufacturing competitiveness, including:

• A young and skilled workforce
• Rapid technological advancements
• A vast domestic market
• Extensive 5G connectivity enhancing business operations

He emphasized that modernizing India’s arbitration system in line with global best practices is essential for attracting investment and fostering international trust.

Legal Infrastructure: A Pillar for Economic Growth

Quoting Prime Minister Narendra Modi, Shri Goyal reiterated that justice is the foundation of good governance, and without it, sustainable growth is unattainable. He called upon the legal fraternity to contribute towards drafting clear, globally competitive legal frameworks that support India’s aspirations as an economic powerhouse.

With ongoing legal and economic reforms, India is steadily reinforcing its reputation as a trusted global trade partner, paving the way for its emergence as a leading manufacturing hub.