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In the last few decades, the global order has witnessed a "re-balancing" that is shaping its new directions, External Affairs Minister S Jaishankar said on Saturday.
Addressing a gathering here at the launch of the Arbitration Bar of India, Jaishankar also said the requirement to harmonise, mediate and settle differences and disputes will be even more "as we progress on that journey towards Viksit Bharat".
This is a "very significant step" in the emergence of India as an arbitration venue, he said.
"I know that all of you appreciate its significance more than I do. But let me, as a foreign minister, today really place it in a larger context and a context that I will borrow again from the AG's (attorney general's) reference to a triangle, a Greek triangle. The triangle I use here is really one of law, business and diplomacy," he added.
In his address, Jaishankar said, "In the last few decades, the global order has witnessed a re-balancing that is shaping its new directions."
"One facet of that is the democratisation of institutions and activities. As economic capabilities emerge or, in our case, re-emerge,? it is natural that many of its accompanying dimensions also spread out much more in the world. In that sense, the event for which we have come is reflective of a larger redistribution of power, of influence and of capabilities in the world," the external affairs minister said.
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Obviously, this does not happen by itself and it requires both the vision of a leadership as well as the commitment of the stakeholders to make it happen. And that is actually what is being witnessed in the country today, Jaishankar said.
India is currently the fifth-largest economy in terms of GDP and likely to become the third largest soon. It is only to be expected that a domain as crucial as arbitration to the international economy should also find adequate expression here, the minister added. Not just that, like in other spheres, "we need to develop high-quality capabilities so that India too stands out in a competitive world", he said.
Jaishankar later shared some photographs of the launch event on X.
"Glad to participate at the launch of the Arbitration Bar of India. 'Arbitrate in India!' should be a natural accompaniment of @makeinindia as our economy grows and the nation globalises. The Modi government recognises the importance of high quality arbitration as it improves ease of doing business. #TeamMEA is doing its part," he said.
In his post on the microblogging platform, Jaishankar said he is "confident that today's inauguration is one among the legal community's many contributions towards a Viksit Bharat".
Earlier, in his address, the external affairs minister said in a world where time is of essence and certainty is of paramount importance, arbitration is recognised as the "cornerstone of modern dispute resolution".
This is particularly relevant to recognise in India at a time of rapid economic growth taking place in a globalised environment, he said.
"If we are to get full mileage from our 3D dividend of democracy, demographics and demand, then high-quality arbitration is a notable factor in further attracting foreign direct investment (FDI)," the minister added.
He concluded that India is poised to make crucial decisions about its future. There is a foundation of a decade of transformation on which "we are seeking to build a pathway for the next 25 years", he said.
"Our goal is Viksit Bharat, that is developed India. This will not only have an economic matrix but an all-round development that would include quality of life, ease of doing business, deep national strengths, technological capabilities, a larger role in the international economy, but not least, the institutions, the infrastructure and the talent that would actually define Viksit Bharat," Jaishankar said.
"It will certainly be a nation that will see more intensive and consequential economic activities at home and abroad. The requirement to harmonise, mediate and settle differences and disputes will be even more as we progress on that journey towards Viksit Bharat," the minister added.
"The legal world will also make its expected contribution to the evolution of Viksit Bharat. I believe that the inauguration of the Arbitration Bar of India is one noteworthy step in that direction," he said.
(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.)
