The Singapore International Arbitration Centre (SIAC) is among the top five arbitration hubs in the world. Making India an arbitration hub will push up its ease of doing business ranking, bring in revenue and create jobs in the services allied with arbitration. Last year alone, 153 Indian companies seeking international arbitration went to the SIAC. Experts say establishing an arbitration framework on the lines of Singapore will help India since it will also create a business-friendly environment. The committee noted that Indian arbitration law jurisprudence has been criticised for its interpretation of these legal provisions and widely using “public policy” as a ground to set aside awards.

Source: Hindustan Times December 03, 2017 15:33 UTC