India to become destination for International Arbitration: Moily
24.1.2011 (UNI) Union Law Minister Veerappa Moily said efforts are being initiated to make the country most attractive destination for International Arbitration.
Mr Moily was speaking after inaugurating the International Arbitration Centre Goa (IAC-Goa) in the presence of Chief Minister Digambar Kamat, former Union Law Minister and Chairman of Law Commission, Goa Advocate Ramankant Khalap.
The Union Minister said efforts would be made to see that no case remain pending in court for three years. A bill will be introduced to start commercial benches in 21 High Courts in the country, he added.
The IAC would not confine to cases of international nature but will also cater to domestic needs, Mr Moily said.
The Union Minister complimented Advocate Khalap and the Goa Government for taking the initiative to open International Arbitration Centre.
He said 'There is ample scope for talent in India. We have to create world class lawyers. We have to change our mindsets in this direction. India now has largest young population in the world.
Similar opportunity came to America 200 years ago and down the line they became super power. India can become super power in thirty years’ time if youth force is properly trained.' Chief Minister Kamat said this IAC-Goa will help to reduce the number of arbitration cases and assured all support to IAC-Goa.
Chairman of Law commission Goa and Chairman of IAC-Goa Advocate R D Khalap informed about setting up of IAC in Goa.
Advocate Surendra Dessai, President of Goa High Court Bar Association expressed the need to have people who are connected intricately with the IAC with international recognition. UNI