SDG 16: Peace, Justice and Strong Institutions | SDG 8: Decent Work and Economic Growth
Institutions: Ministry of Corporate Affairs | Ministry of Law & Justice
The Indian Institute of Corporate Affairs (IICA), operating under the Ministry of Corporate Affairs, successfully concluded the inaugural batch of its Certified Arbitration Program (ICAP). This initiative aims to build a new pool of global arbitration professionals to strengthen the nation’s dispute resolution ecosystem. Speakers, including Justice Hemant Gupta, emphasized that a robust alternative dispute resolution (ADR) system is essential for enhancing investor confidence and supporting India’s economic trajectory.
Discussions during the program highlighted the need to standardize the country’s arbitration landscape, promoting institutional arbitration to ensure structured and efficacious proceedings. Experts also stressed the urgency of establishing an effective support ecosystem for these professionals and fully operationalizing the Arbitration Council of India.
This government-led program signifies a high-level focus on judicial and institutional reforms, which are vital components for improving India’s ‘Ease of Doing Business’ ranking and attracting increased Foreign Direct Investment.
What is Alternative Dispute Resolution (ADR)? → Alternative Dispute Resolution (ADR) refers to methods for resolving legal disputes outside of traditional court litigation, most commonly including arbitration, mediation, and conciliation. ADR mechanisms are typically faster, less expensive, and more flexible than conventional judicial proceedings, making them a preferred mechanism in commercial and international matters to preserve business relationships.
What is Arbitration Council of India? → The Arbitration Council of India (ACI) is a proposed independent body mandated by the Central Government under the Arbitration and Conciliation (Amendment) Act, 2019. Its primary objective is to make India a hub for domestic and international arbitration by standardizing and promoting the use of Alternative Dispute Resolution (ADR) mechanisms like arbitration, mediation, and conciliation
Relevant Question for Policy Stakeholders: What regulatory steps are being planned to expedite the establishment and effective functioning of the Arbitration Council of India?
Follow the full news here: https://www.pib.gov.in/PressReleasePage.aspx?PRID=2178780