Since Prime Minister Narendra Modi came to power last year, The Centre has set out to overhaul[ow-vu'ho(repair,सुधारना)] India’s legal system. Changes in the legal system are requisite[re-kwi-zit(essential,आवश्यक)] to attract foreign investment.
Foreign companies are often reluctant[ri'lúk-tunt(unwilling,अनिच्छुक)] to invest in India as there is a perception that the Indian legal system does not sufficiently protect foreign investment. litigating in courts in India is a time-consuming and expensive exercise, and justice usually eludes[i'lood(escape,बचना)] both parties to an action.
The Arbitration Amendment Bill, now cleared by the Cabinet and to be introduced in Parliament soon.
The arbitration community in India should ensure that an arbitrator against whom there is a shadow of diminishing[di'mi-ni-shing(decrease,कम)] integrity is rooted out from the system.
Another criticism that is often aired is that retired judges have monopolised[mu'nó-pu,lIz(full control,एकाधिकार)] the profession of arbitrators. Since they conduct arbitration proceedings along the lines of court processes, this leads to lengthy delays.
This cannot be remedied by making amendments to the law. The government should develop institutions that train individuals who aspire to practice in the field of arbitration.
There are some disputes that require an arbitrator to have a working knowledge of the sector concerned. It is easier to understand the parties and resolve a dispute if the arbitrator is well-versed with the knowledge and expertise in a particular business sector or industry.
Non-governmental bodies need to step up their efforts to help reinforce[ree-in'fors(strong,मजबूत)] the government’s reform agenda.
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