'Next generation legal reforms needed to boost growth'
As India continues to traverse on the upward trajectory of economic growth, the country needs to create a next generation of legal ecosystem to further the progress, Reliance Industries Chairman Mukesh Ambani has said.
By PTI |
NEW DELHI: As India continues to traverse on the upward trajectory of economic growth, the country needs to create a next generation of legal ecosystem to further the progress, Reliance Industries Chairman Mukesh Ambani has said.
"India is on the threshold of unique opportunities... based on the strong foundation we must work to create the next generation of legal ecosystem.
"In the next decade we need the next generation of judicial reforms, which must propel India economic growth further," Ambani said while addressing a conference on partnership of business and law organised by Assocham and Society of Indian Law Firms.
He said the country would need to focus on creating capacity by attracting the best minds so as to ensure that justice delivery goes through a quantum leap with a vision.
Pinning hopes on the younger lots, he said the next generation of judicial reform can make our economy the best in the world.
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As the partnership between business and law goes through an evolutionary phase, he asked legal firms to shift from advocacy and advice to active participation in business and also explore new opportunities like the legal process outsourcing.Speaking on the occasion, Union Minister for Law and Justice, H R Bhardwaj expressed concern over the settlement and resolution of disputes in business enterprises in the country.
"This is an area, which India has to address. The protracted settlement issues have prevented investment coming to the country," he said citing the example of Enron.
Bhardwaj said with globalisation Indian business needs to compete with the best in the world and therein law plays a vital role.
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He also said the government was gearing up to meet the challenges of the ever changing climate in the business and legal fraternity."In order to settle disputes in a fast manner, we have proposed to set up an international class institute of arbitration which would be functional all through the week," he said.
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Bhardwaj also said the government planned to introduce state-of-art judicial system through e-governance, which would connect the lowest courts with the Apex court.He said as more and more business enterprises plans investments in new areas, they would require support from the legal fraternity for faster framing of contracts and agreements.
During the function Ambani was presented the 'Outstanding Corporate Leader Award-2006' by the Law Minister on behalf of the Society of Indian Law Firms.
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