Union Commerce and Industry Minister Piyush Goyal today highlighted the vital role of arbitration and mediation in shaping India’s journey toward becoming a global manufacturing hub. Speaking at the Special Plenary Session of the United International Avocat Conference in Delhi, the Minister stressed that a strong and fair legal framework is essential for building investor trust and driving sustained economic growth.
In his address, Shri Goyal emphasized that alternative dispute resolution mechanisms like arbitration and mediation are key to reducing judicial delays and ensuring a transparent and stable business environment. He acknowledged the concerns often raised about international bias and corporate influence in arbitration but urged stakeholders to strengthen India’s own systems to make them more efficient, credible, and impartial. According to him, a robust dispute resolution process will go a long way in fostering investor confidence and attracting global businesses.
Reflecting on India’s remarkable economic progress, Shri Goyal said the country is now recognized as the fastest-growing major economy in the world and is poised to become the fourth-largest global economy by 2025-26. He attributed this success not only to India’s young workforce and technological prowess but also to a series of thoughtful policy reforms aimed at making the business ecosystem more supportive and less cumbersome.
The Minister spoke about the Jan Vishwas Act, a significant reform that has simplified regulations and decriminalized over 180 minor legal provisions to ease the compliance burden on businesses and individuals. He explained that the initiative was driven by the belief that the government must trust its citizens and not penalize honest mistakes with harsh legal consequences. Shri Goyal shared that the government is now working on Jan Vishwas 2.0, which will further simplify laws and reduce unnecessary legal complexities. He invited ideas and suggestions from the public and legal experts, reaffirming the government’s commitment to make doing business in India smoother and more transparent.
Shri Goyal also pointed to India’s growing manufacturing competitiveness, supported by its large domestic market, digital advancements, and rapidly expanding 5G connectivity. He noted that these advantages are helping businesses thrive, but for India to fully realize its potential on the global stage, legal and arbitration systems must evolve alongside.
He stressed that modernizing judicial systems and aligning India’s arbitration practices with global standards is critical. Quoting Prime Minister Narendra Modi, he reminded the audience that justice is at the heart of good governance and that a nation’s strength lies in the fairness and efficiency of its legal systems.
Concluding his speech, Shri Goyal called upon the legal community to actively contribute to shaping clear, strong, and globally competitive legal frameworks. He expressed confidence that with collective effort and continued reforms, India will not only emerge as a leading manufacturing hub but also strengthen its position as a trusted and reliable partner in global trade.
