“Study Of the Economic Condition of Farmers After Establishment of Sugar Factory”

Abstract

This article offers an all-round analysis of the adoption of international Commercial Arbitration (ICA) in India, exploring both the challenges and opportunities it presents. It begins with a historical overview of arbitration in India, tracing its evolution from ancient dispute resolution practices to the contemporary legal framework established by the Arbitration and Conciliation Act of 1996. Key features along with the recent changes to the Act are examined, highlighting India’s alignment with international standards. Despite the robust legal framework, the article identifies significant challenges in the practical implementation of ICA in India. These includes pervasive judicial intervention, underutilization of institutional arbitration, contentious arbitrator appointments, contentious arbitrator appointments difficulties in enforcing arbitral awards, inadequate infrastructure, and limited awareness and expertise among stakeholders. The study then outlines opportunities for strengthening ICA in India. These encompass enhancing judicial support for arbitration, promoting institutional arbitration. A comparative analysis with global practices from leading arbitration hubs such as Singapore, Hong Kong and the United Kingdom offers valuable insights into areas for improvement. Successful case studies from the jurisdictions demonstrates the potential benefits of adopting similar practices in India. Finally, the article provides recommendations for legislative reforms, institutional support, judicial training, awareness campaigns, and technological integration. By addressing these challenges and leveraging opportunities, India can position itself as a premier destination for international arbitration, fostering a favorable environment for international trade and investment.