Early and cost-effective resolution of commercial disputes is important, and India should create an environment conducive for international arbitration, said Supreme Court of India judge Arjan Kumar Sikri Wednesday.
Justice Sikri, while addressing a 'training-cum-brainstorming workshop on best practices in international arbitration' further said, the government should also widen the panel of arbitrators.
"The government has a supervisory and regulatory role to ensure smooth operation of international collaborative efforts. Any disputes have to be quickly and effectively settled in an amicable way so as to not sever the relationship," he said.
Noting that in the last four-five years, the government had brought many amendments to the Arbitration and Conciliation Act, Justice Sikri said, "India should become an arbitration hub."
"Currently India has ad-hoc arbitration; let us hope that institutional arbitration takes shape in India," he said.
Justice Sikri also stressed on the need of changing mindset of government officials as some knowingly delay arbitration proceedings.
Speaking at the same event, Minister of State for Law and Justice P P Chaudhary said that arbitration ensures timely and effective enforcement of contracts.
"It (arbitration) should become the de-facto mode of commercial dispute resolution for the majority. The govt is focusing on building resources and institutions towards this," Chaudhary said.
Under the arbitration process, disputes are resolved in shortest possible time, he added.
Niti Aayog CEO Amitabh Kant said arbitration was important to improve ease of doing business in India.
Use of arbitration for dispute resolution will greatly reduce pendency of cases and boost investor confidence in India, Kant added.
(With inputs from agencies.)