Chief Justice of India (CJI) DY Chandrachud has emphasized the need to cultivate a robust culture of commercial arbitration in India. During his recent address at the Supreme Court of the United Kingdom on Thursday, he highlighted the importance of arbitration as a mechanism for resolving commercial disputes efficiently and effectively. He noted that arbitration offers several benefits, including faster resolution times, reduced costs, and the ability to choose arbitrators with specific expertise.He added that setting up effective arbitration institutions can boost its practice in the Global South.While delivering his speech in the presence of the President of the Supreme Court of the United Kingdom, Lord Red, Deputy President, Lord Hodgeand, and other judges of the UK, CJI Chandrachud also pointed out that a strong arbitration culture could enhance Indias appeal as a hub for international commercial arbitration, attracting more businesses and fostering a conducive environment for economic growth. He called for reforms and improvements in the legal framework, infrastructure, and overall ecosystem to support and encourage the use of arbitration in commercial matters.He claimed that although organizations like the India International Arbitration Centre, the Mumbai and Delhi International Arbitration Centers, and others have been established recently and are experiencing a consistent influx of arbitration cases, the establishment of these centers alone is insufficient.To make arbitration a comprehensive process, CJI urged for greater diversity in the field, both in terms of gender and the number of delegates from the Global South.To achieve this, CJI Chandrachud stressed the need for:Legal Reforms: Updating laws and regulations to align with global best practices.Training and Education: Providing adequate training for lawyers, judges, and arbitrators in arbitration practices and principles.Institutional Support: Strengthening arbitration institutions and ensuring they are equipped with the necessary resources and expertise.Public Awareness: Promoting awareness about the benefits of arbitration among businesses and the general public.By focusing on these areas, India can build a more efficient dispute-resolution mechanism, reduce the burden on courts, and create a more business-friendly environment.
