CHIEF JUSTICE of India, N V Ramana, on Saturday underlined the significance of institutions with a strong emphasis on the rule of law, saying only they can build trust in the globalised world.
“A pre-requisite for achieving globalisation in its true sense is ensuring universal respect for the rule of law,” the CJI said in his inaugural address at the fourth edition of international conference on “Arbitration in the era of globalisation” in Dubai.
“Trust in the globalised world can only be built by creating institutions with a strong emphasis on the rule of law,” he said.
“Wherever I travel, I am often asked as to how investor friendly the Indian judicial system is. My answer is always the same: you can trust the Indian judiciary for its absolute independence and its inherent constitutional strength to treat all parties equally and equitably,” the CJI said.
Arbitration and rule of law are not in conflict with one another, he said, pointing out that “both arbitration and judicial adjudication aim to serve the same goal – the pursuit of justice”.
The CJI said that courts in India are known for their pro-arbitration stance.
“The legislature, executive and the judiciary of India at all levels, are committed to improving the arbitration landscape and the ease of doing business in the country,” he said. “The Commercial Courts Act enacted by the Indian Parliament led to further streamlining and speedy dispensation of justice in commercial matters.”