India As An Arbitration Hub: An Achievable Dream Or An Illusion?

Arbitration in India has come a long way from its nascent stages as envisaged in the Brihadaranyaka Upanishad (which outlined three dispute resolution bodies puga, sreni and kula) to its first formal recognition in Indian law through the Arbitration Act, 1899.

The current Arbitration and Conciliation Act, 1996 has been amended time and again (through the 2015, 2019 and 2021 amendments) to tackle the evolving needs of arbitration.

Prior to the 2019 amendment, then Law Minister Ravi Shankar Prasad declared that the government intends to make India a hub of domestic and international arbitration by bringing in changes in law for faster resolution of commercial disputes.

The author aims to discuss the recent judicial decisions, legislative drafts and government notifications/circulars to ascertain if India is on the right path to build itself into an arbitration hub.