Indian construction market to grow by 7.1 per cent

Indian construction market is expected to grow on an average by 7.1% each year and it would become the third largest by 2025, an arbitration panel claimed on Saturday.

This was presented by an arbitration panel comprising Professor Douglas Jones AO, a leading independent international commercial and investor-state arbitrator, and Professor Janet Walker, a reputed international dispute resolution specialist in Canada, in a panel discussion at the Nani Palkhiwala Arbitration Centre (NPAC).

NPAC organised a seminar on "Damages in Construction Arbitration" in an attempt to cater to India's burgeoning infrastructure and construction industry.

The event commenced with the introduction of the topic by former Chief Justice of India (CJI) Deepak Misra, who said "I have come here to learn and I will go back from here a better student."

The panel also discussed multiple perspectives related to damages in international arbitration, including considerations regarding Bifurcation of Damages, How Experts can Assist the Tribunal (and the Parties) and Categories of Damages.

They also highlighted the extent and role of the experts appointed to assist the Tribunal and the parties.