India As An Emerging Hub For International Commercial Arbitration: Challenges And Pitfalls
- IJLLR Journal
- 13 minutes ago
- 1 min read
Chelsi Agarwal, Jaipur National University
ABSTRACT
India has emerged as a serious player in the arbitration arena of the world, with a number of reforms to position itself as an arbitration-friendly jurisdiction. Development of legislative infrastructure, institution-building, and judicial backing have helped. Yet, issues such as judicial interference, delay in enforcement, and absence of uniformity of institution practices continue. This article discusses India's advancement, reviews the current limitations, and makes recommendations to solidifying itself as a favourable venue for international commercial arbitration.
Introduction
Cross-border commercial arbitration has become the preferred method of resolving international commercial disputes. As a result of globalization and the explosive growth in international trade and investment, there has been a growing demand for a neutral, effective, and enforceable mechanism for resolving disputes. Arbitration provides a versatile and confidential alternative to litigation, particularly for international parties who want enforceability under instruments such as the New York Convention.
India, with its burgeoning economy and increasing involvement in international trade, has understood the importance of bringing its regime of arbitration at par with global standards. During the last two decades, India has embarked on legislative change and institutional improvements towards making it an arbitration-friendly jurisdiction. Though such initiatives are encouraging, there remain systemic obstacles hindering the nation from becoming an international hub for international arbitration. This research paper explores India's path to becoming such a hub, examining the potential it has and the pitfalls it has to avoid.
