Vishu Malik, Bennett University
The Imperative Need for Arbitration in India
The necessity for fast and effective means for resolving conflicts has never been more essential in a globalised world characterised by complicated corporate transactions and cross-border disputes. India, a fast expanding economy, is at a turning point in the history of commerce. The adoption and promotion of arbitration have become crucial in order to meet the changing needs of contemporary business. In India's legal system, arbitration is a crucial tool since it provides a number of advantages that are precisely in line with the country's economic goals and judicial reforms.
Challenges in Traditional Litigation
Numerous problems with the traditional judicial litigation system in India have long prevented the prompt and efficient resolution of conflicts. An enormous bottleneck has developed in Indian courts as a result of the astronomical backlog of cases, which prevents cases from being addressed for years or even decades. In addition to undermining the rule of law, this discourages investment and stunts economic expansion. Long-term investments or endeavours by firms are discouraged due to the lengthy and complex court processes that frequently result in growing legal fees.
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