Union Law Minister Ravi Shankar Prasad on Monday, March 2, said India is receiving investment because it is a huge economy. The minister was attending a book launch of the fourth edition of ‘Commentary on the Law of Arbitration’ authored by Supreme Court judge, Justice Indu Malhotra.
Prasad, while speaking at the event, said that the world cannot be seen in a "conventional way" and added that emerging economies have to be accorded their place of respect. He also reiterated that the Central government's motto is to 'reform, perform in order to transform'.
"This world cannot be seen in a conventional way. Emerging economies will have to be accorded their place of respect. India is receiving investment because India is a huge economy. India has become the fifth-biggest economy of the world," said Ravi Shankar Prasad.
The minister also said that the right to access internet in the context of net neutrality is non-negotiable in India, adding that it flows from our right to have information.
Chief Justice of India SA Bobde, Vice-president of International Court of Arbitration Salim Moollan, and Senior Advocate Darius Khambata were also present at the event.
Released the 4th Edition of Commentary on Law of Arbitration by Justice Indu Malhotra in presence of Chief Justice of India, Justice S.A. Bobde. pic.twitter.com/FaUR1AKzQw— Ravi Shankar Prasad (@rsprasad) March 2, 2020
Speaking at the event, Chief Justice of India SA Bobde said that the judiciary needs to reduce delays in dealing with cases involving foreign investors or arbitration awards to minimise the risk of claims against the country in international fora under Bilateral Investment Treaties (BITs).
CJI Bobde said, "One thing judiciary can do to minimise the risk of such claims is to address the issue of delays, especially in cases involving foreign investors or foreign arbitration awards."
The CJI also appeared concerned over BIT claims against India, saying such claims have been made to "essentially halt ongoing criminal proceedings within the country" which were initiated against Indian and foreign nationals for alleged offences under our anti-corruption laws.
CJI Bobde said that the Investor-state dispute settlement (ISDS) mechanism, which contains BITs, needs to be reformed. ISDS is a system through which investors can sue countries for discriminatory practices. The CJI further said that judges need to be conscious of all these aspects while deciding cases involving foreign entities or nationals.
(With agencies input)