Arbitration & Mediation Vital for India's Manufacturing Growth: Piyush Goyal

Union Minister of Commerce & Industry, Shri Piyush Goyal, remarked during the Special Plenary Session at the United International Avocat Conference in Delhi today that arbitration and mediation methods are essential for India's rise as a global manufacturing center. In his address, he emphasized the necessity of a robust legal and arbitration structure in facilitating India's swift economic expansion and its goal to emerge as a global manufacturing center.

While explaining the advantages of India as a world manufacturing hub, Shri Goyal pointed out key factors such as a young population, technological advancements, and a huge domestic market that increases manufacturing competitiveness. The Minister stressed India's digital transformation, pointing out that widespread 5G connectivity increases the efficiency of business operations across the country.

Shri Goyal noted that arbitration and mediation are vital in reducing judicial delays and promoting a stable and transparent business environment. He emphasized the need for trust in arbitration systems and acknowledged concerns regarding the influence of large corporations and international biases.

Reflecting on India's progress, Shri Goyal emphasized the country's strong economic results, asserting that India is the fastest-growing major economy and is set to reach the fourth-largest global economy by 2025-26.

Shri Goyal ended by urging the legal community to take a significant part in formulating clear, strong, and globally competitive legal structures that align with India's ambitions as a global economic leader. He highlighted that a robust legal framework will not only promote economic development but also strengthen India’s standing as a reliable partner in the global trade environment.