India should establish less time-consuming dispute redressal system: Justice BR Gavai

Supreme Court judge Justice B R Gavai on Saturday said that India should establish a dispute redressal system that should not be time-consuming to build confidence among international investors.

"In order to build confidence among international investors, it is very necessary to establish that dispute redressal system in India will not be time-consuming," Justice Gavai said at the Global Conference on International Commercial Arbitration organised by Assocham here today.

"It will go a long way in resolving international commercial disputes in India in the shortest possible manner. It will go a long way in growing India as one of the most emerging economies of the world," he said.

Vineet Agarwal, vice president, Assocham, said that the industry body's National Council on Arbitration seeks to nurture and provide an opportunity to arbitration practitioners in the country as a platform for networking with other counterparts in foreign countries.

He further said that the dispute resolution process has a huge impact on the Indian Economy and the global perception of doing business in India.

"This is clearly indicated by the World Bank rating on ease of doing business. Hence, it is very imperative for us to discuss the effect and implications of amended arbitration and reconciliation bill and the establishment of commercial partners. India is on track to build confidence in its legal system which is the fundamental condition for any country to become an International Arbitration venue," said Agarwal.