The Union Cabinet, chaired by Prime Minister Narendra Modi, on Friday cleared a bill for establishing an Indian council of international arbitration.
"To strengthen arbitration in the country, we have decided to establish an Indian council of international arbitration centre as a centre of all Indian excellence... a separate bill has been brought for that," Law and Justice Minister Ravi Shankar Prasad said at a briefing on the Cabinet decisions.
Last week, Chief Justice of India Justice Dipak Misra had called for shift towards institutional arbitration which should be both timely and cost effective for making India a sought-after arbitration centre.
Arbitration, a form of alternative dispute resolution, is a way to resolve disputes outside the courts.
