The Union Law Ministry revealed that the Central government has allocated ₹7.5 crore over the past three years to the India International Arbitration Centre (IIAC) to promote and encourage institutional arbitration in India..The government allocated ₹2.25 crore in 2022-23, ₹3 crore in 2023-24, and ₹2.25 crore (till date) for 2024-25 to IIAC..The information was disclosed by Minister of State for Law and Justice Arjun Ram Meghwal, in response to parliamentary questions raised in the Rajya Sabha by Aam Aadmi Party MP Sanjeev Arora. In his response, Meghwal outlined multiple policy and legislative reforms undertaken by the Centre aimed at ensuring a robust arbitration ecosystem..No centralised data on arbitration casesResponding to a question on the total number of arbitration cases handled under the Arbitration and Conciliation Act, 1996 in the past five years, the Minister stated that the government does not maintain such data..Promotion of institutional arbitrationThe response noted that to bolster institutional arbitration in key hubs such as Delhi, Mumbai and Bengaluru, the government has made amendments to the Arbitration and Conciliation Act in 2015 and 2019. Furthermore, the India International Arbitration Centre Act, 2019, led to the establishment of the IIAC, which aims to provide a neutral and independent platform for commercial dispute resolution, the response stated..Comparing India’s arbitration standing with global peersThe response also noted that while no formal assessment of India's global arbitration ranking has been conducted, continuous reforms are being pursued to strengthen the country's alternative dispute resolution landscape. These efforts aim to improve India's competitiveness against global arbitration hubs such as Singapore, London and Hong Kong..Read the response here
