New Delhi [India], Oct. 21 (ANI
): The first ever global conference
to strengthen Arbitration and Enforcement in India will begin in New Delhi today.
The three-day conference titled - National Initiative On Strengthening Arbitration And Enforcement is being held to change the face of dispute resolution in India. President Pranab Mukherjee will inaugurate the Conference, while Prime Minister Narendra Modi will deliver the valedictory address on Sunday.
For the first time six leading international arbitral institutions and all major industry associations will come together to drive this initiative.
The Conference seeks to provide impetus to commercial arbitration in the country, which is fast gaining pace across the world, for faster and efficient dispute resolution outside the court room.
It comes in the backdrop of the immense losses suffered by the business enterprises and the economy at large, due to backlogs involved in dispute resolution in Indian courts.
This keeps resources and money of the businesses trapped till resolution of the dispute and is a major disincentive for foreign companies coming to invest. (ANI