India's Path to Becoming a Global Manufacturing Hub: Legal Reforms at the Forefront

Union Minister Piyush Goyal emphasizes the critical role of arbitration and mediation in establishing India as a global manufacturing hub. Addressing the United International Avocat Conference, he highlighted the importance of legal reforms, robust economic performance, and modernized judicial systems in fostering trust and competitiveness.

In a bid to position India as a global manufacturing powerhouse, Union Minister of Commerce & Industry Piyush Goyal highlighted the significant role of arbitration and mediation mechanisms. Speaking at the United International Avocat Conference in Delhi, Goyal underscored their importance in supporting rapid economic growth by reducing judicial delays and ensuring transparency.

The Minister pointed out the necessity for confidence in arbitration processes and acknowledged existing concerns over corporate influence and international biases. By urging stakeholders to enhance the efficiency and impartiality of India's arbitration practices, Goyal emphasized the creation of a more investor-friendly landscape.

Highlighting India's rapid economic trajectory, Goyal noted that the nation is the fastest-growing major economy, projected to become the fourth-largest by 2025-26. This ascent has been bolstered by key policy reforms like business regulation simplification and the decriminalization of numerous legal provisions, boosting international trust in India as a secure investment destination.

(With inputs from agencies.)