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Parliament on Wednesday passed a bill to rename the New Delhi International Arbitration Centre as the India International Arbitration Centre.
The Rajya Sabha passed the New Delhi International Arbitration Centre (Amendment) Bill, 2022, which was piloted by Union Law Minister Kiren Rijiju in the house on Wednesday.
The Lok Sabha has already passed the bill on August 2022, which expands this to include the conduct of other forms of alternative dispute resolution besides arbitration.
While replying to the debate, Rijiju in the Upper House said this bill will help India emerge as an attractive destination for arbitration at the global level.
"India is still not a hub for arbitration, while small countries and cities have emerged as major centres for arbitration," the minister said.
He assured the members saying that with the steps being taken by the Modi government, India would emerge as an arbitration centre in the coming years.
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"This amendment has been brought with that approach," he said, adding presently people prefer places such as Singapore, London and Hong Kong for arbitration but after this initiative, there would be changes.
The country is emerging as an economic power and along with that India will also attract the global business community for arbitration, Rijiju said.
"We can provide arbitration awards at more affordable charges in comparative to those centres," he said, adding that the government wants to start work in this direction as soon as possible.
He also rejected the allegations that the government has brought this bill and procedure under the pressure of the World Bank and said, "It is the government's considered opinion and decision to bring this bill."
While replying to a query over the name change, Rijiju said important cities in India such as Mumbai and Kolkata have their own arbitration centres. "Even in Delhi, another body Delhi Arbitration Centre (DAC) is functioning".
"It will not be good to have two arbitration centres having the same name of Delhi," he reasoned.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
