Smart dispute resolution necessary for promoting investments: VP

SansadTV Bureau
FILE: Vice President M. Venkaiah Naidu. PTI

FILE: Vice President M. Venkaiah Naidu.

Vice President M. Venkaiah Naidu has said that Online Dispute Resolution Mechanism is a laudable initiative to fast-track dispute resolution and it shall go a long way in resolving disputes, attracting more foreign investment by projecting India as an investor-friendly country and strengthen economy.

His remarks came while addressing the National Conference on ‘Online Dispute Resolution Mechanism’, organized by the Construction Industry Arbitration Council (CIAC), in the capital on Saturday.

“Online Dispute Resolution mechanism is the need of the hour keeping the increase of e-commerce and e-businesses in view,” he said welcoming the measures taken by Ministry of Law and Justice to introduce Online Dispute Resolution through mediation, arbitration and conciliation.

This results in saving a lot of time and cost, he added.

The Vice President also complimented the Ministry of Law & Justice for taking the initiative in evolving this system and said this will help courts to concentrate on access to justice to people in better manner.

The rapid development of the Internet and electronic commerce, Online Disputes Resolution has been labelled “a logical and natural step” as it facilitates expeditious resolution of disputes,” he said.

The Vice President said that the CIAC has been closely associated with UN Commission on international trade and law.

“Domestic and international trade and commerce has spurred competition provide more opportunities and imputed risks. The commercial arbitration in India is witnessing a steady transition and it should become more simpler,” he added.

Vice President Naidu also said that country like India having a sound legal framework and ease of doing business can become a natural choice for investors.

“Flagship programs like establishment of Smart Cities in India would require a techno-legal smart dispute resolution mechanism. People should also be made aware of the avenues available,” he said.