Future International Arbitration Hub of the World is India
Introduction
Today, India stands in a unique position as the world’s largest democracy and is one of the fastest growing economies. With its vast population, it has become an attractive destination for international investors, as well as for entrepreneurs. This has in turn attracted the attention of the business world, with its ever-expanding legal and arbitration infrastructure. India is fast becoming an important international arbitration hub, as it offers a number of advantages over the traditional arbitration centres in North America and Europe.
The Indian Advantage
India offers a number of advantages over traditional arbitration centres. Firstly, India has a large pool of well-trained and experienced arbitrators, lawyers and other legal professionals who are familiar with international laws and regulations. This makes India an attractive destination for international arbitration cases.
Secondly, India’s legal system is based on the English Common Law system, which is familiar to many investors and business people. This makes it easier to resolve disputes quickly and efficiently.
Thirdly, India has a wide range of modern and efficient arbitration institutions, such as the Indian Council of Arbitration (ICA), the Indian Arbitration and Conciliation Centre (IACCC), the Indian Arbitration and Mediation Centre (IAMC) and the Indian International Arbitration Centre (IIA). These institutions provide a range of services, including legal advice, mediation and arbitration.
Fourthly, India has a well established legal framework for international arbitration, with a number of statutes and regulations, including the Indian Arbitration and Conciliation Act, 1996 and the Indian Arbitration Rules, 2020. This makes it easier for foreign investors and companies to pursue their claims in India.
Finally, India has a long history of arbitration, with a number of important cases being decided by Indian courts. This makes it easier for parties to trust in the Indian arbitration process.
Statistics
The growth of international arbitration in India has been impressive over the past few years. According to the International Institute for Conflict Prevention and Resolution (CPR), India is the sixth most popular arbitration destination in the world, after the USA, Singapore, Hong Kong, London and Geneva.
In 2018, the Indian Council of Arbitration received a total of 818 arbitration applications, of which 485 were international. This is a significant increase from 2017, when the ICA received 602 arbitration applications,In 2019, the Indian Arbitration and Conciliation Centre (IACCC) reported that it had received a total of 718 international arbitration applications, a significant increase from the 563 international arbitration applications it received in 2018.
The Indian International Arbitration Centre (IIA) also reported an increase in the number of international arbitration cases it received in 2019, with a total of 661 international arbitration applications, up from the 591 applications it received in 2018.
The growth in international arbitration in India is also reflected in the number of international arbitrators based in India, which has risen from 97 in 2018 to 135 in 2019.
Conclusion
India is fast becoming an important international arbitration hub, as it offers a number of advantages over the traditional arbitration centres in North America and Europe. Its large pool of well-trained and experienced arbitrators, lawyers and other legal professionals, its familiarity with the English Common Law system, its modern and efficient arbitration institutions, its well established legal framework for international arbitration and its long history of arbitration make it an attractive destination for international investors and businesses. The growth in international arbitration in India is also reflected in the statistics, with a significant increase in the number of arbitration applications and international arbitrators based in India over the past few years. As India continues to develop its legal infrastructure, it is likely that it will retain its status as an important international arbitration hub in the years to come.
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