Boosting arbitration process is one of the most important ways to revive the economy in the country. Discuss (200 Words)
Refer - Financial Express
Enrich the answer from other sources, if the question demands.
IAS Parliament 4 years
KEY POINTS
· When the Arbitration and Conciliation Act 1996 was amended in 2015, to ensure time-bound completion of arbitration with minimal judicial interference.
· Contracting parties are more likely to opt for jurisdictions which permit third-party funding.
· In 2014, the government expressed its desire to have a phase-wise opening of the legal sector.
· If the government the largest litigant incorporates arbitration clauses, a robust economy around arbitration could get built, reducing the work-load of the courts.
Ways to revive the economy
· Improvement in the ease of doing business for the stake holders, as per ease of doing business index 2020, India has improved its rankings.
· More compliance with laws and regulations by the stakeholders.
· Ease of dispute resolution process, work-load of judiciary reduces further.
· Produces a better investment climate for the investors.
· Ease of entry and exit policies.
Lakshya Singla 4 years
Respected Sir/Ma'am
Kindly review.
Thanking you,
IAS Parliament 4 years
Try to provide specific examples in the answer. Keep Writing.
Saurabh kasaudhan 4 years
Kindly review and provide suggestions
IAS Parliament 4 years
Good attempt. Keep Writing.
Tapasvi 4 years
Kindly review
IAS Parliament 4 years
Try to bring coherence in the answer, try to add flowcharts and data to enrich the answer. Keep Writing.
Harsh 4 years
Please review
IAS Parliament 4 years
No need to define arbitration, avoid writing general points and include data to support your arguments. Keep Writing.
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