India's Push Towards International Arbitration Hub

Union Law Minister Arjun Ram Meghwal announced plans to make India a global arbitration center, with progress seen in forming a mediation council. While the arbitration council's establishment awaits further steps, a planned change to section 34 of the arbitration law is currently under committee review.

Union Law Minister Arjun Ram Meghwal emphasized the government's dedication to transforming India into a hub for international arbitration. Progress has been noted with the development of a mediation council, even as the formation of an arbitration council awaits further measures.

In the wake of a suggested amendment to section 34 of the arbitration law, along with a Supreme Court observation regarding company directors, the issue has been referred to a committee for a comprehensive review. Meghwal expressed confidence that plans for an arbitration council will soon advance.

During a recent arbitration and mediation conference, the Attorney General highlighted a human resource shortage as a significant cause for delays in establishing the mediation council, despite the Mediation Act's passage two years ago. The Mediation Council of India is set to regulate mediators and oversee the registration of mediators, recognition of mediation service providers, and delineation of disputes suitable for mediation.

(With inputs from agencies.)