Emerging economies will have to be accorded their place of respect: Ravi Shankar Prasad

Union Law Minister Ravi Shankar Prasad on Monday said that the world cannot be seen in a "conventional way" and added that emerging economies have to be accorded their place of respect.

"This world cannot be seen in a conventional way. Emerging economies will have to be accorded their place of respect. India is receiving investment because India is a huge economy. India has become the fifth biggest economy of the world," Prasad said at the release of the 4th edition of Commentary on Law of Arbitration by Justice Indu Malhotra.

Prasad later reiterated that the Central government's motto is to 'reform, perform in order to transform'.

Chief Justice of India SA Bobde was also present at the event.