Union Commerce and Industry Minister Piyush Goyal emphasized the vital role of arbitration and mediation in supporting India’s rise as a global manufacturing hub. Speaking at the Special Plenary Session of the United International Avocat Conference in New Delhi, Goyal highlighted that an efficient, transparent, and impartial dispute resolution system is essential for fostering a robust business environment and accelerating economic growth.
He underlined the growing need for dependable arbitration practices that can reduce judicial delays and enhance investor confidence. Goyal also acknowledged existing concerns about corporate influence and international bias within arbitration, calling on stakeholders to modernize and strengthen India’s legal mechanisms to improve their efficiency and neutrality.
Economic Momentum Backed by Legal and Policy Reforms
Goyal linked India’s accelerating economic trajectory to comprehensive policy reforms undertaken by the government. Citing recent data, he reiterated that India is the fastest-growing major economy and is expected to become the fourth-largest global economy by FY 2025-26. He attributed this momentum to pro-business policies, regulatory simplification, and increased global trust in India’s governance and market stability.
One of the major reform initiatives he mentioned was the Jan Vishwas Act, which decriminalized over 180 minor legal violations. Goyal explained that the initiative was designed to shift the regulatory approach from punitive to corrective, thereby instilling a culture of mutual trust between citizens, businesses, and the government.
Next Phase: Jan Vishwas 2.0
Expanding on the theme of reform, the Minister revealed that the government is working on Jan Vishwas 2.0, which aims to further reduce legal complexity and enhance ease of doing business. Goyal invited stakeholders, especially legal professionals and industry experts, to contribute suggestions for simplifying laws and procedures.
The goal, he said, is to free businesses and individuals from the fear of excessive legal scrutiny for minor infractions, allowing them to focus on growth and innovation without bureaucratic burdens.
India’s Manufacturing Advantage and Digital Edge
In advocating for India as a global manufacturing powerhouse, Minister Piyush Goyal highlighted strategic advantages such as a large and youthful workforce, significant technological progress, and a vast domestic market. He also pointed to India’s expanding digital infrastructure, especially nationwide 5G connectivity, as a critical enabler of seamless business operations.
These factors, he argued, strengthen India’s competitiveness and make it an attractive destination for global manufacturers and investors.
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Aligning India’s Legal Framework with Global Standards
To maintain investor confidence and global relevance, Goyal emphasized the need to align India’s arbitration and judicial systems with international best practices. He noted the importance of integrating technology into arbitration proceedings and ensuring that dispute resolution frameworks meet global benchmarks.
Quoting Prime Minister Narendra Modi, he concluded, “Justice is at the root of independent self-governance, and without justice, even the existence of a nation is not possible.”
Minister Piyush Goyal encouraged the legal fraternity to take an active role in shaping future-ready, globally competitive legal systems that would support India’s economic aspirations and reinforce its reputation as a trusted trade partner.
