In an effort to strengthen India's status as a global hub for arbitration, a National Conference on Institutional Arbitration was convened by the Department of Legal Affairs, Ministry of Law and Justice, in collaboration with ONGC and the India International Arbitration Centre (IIAC), as per
Addressing the Colloquium organised by the India International Arbitration Centre (IIAC) at Bharat Mandapam on Saturday, Vice-President Jagdeep Dhankhar said that the arbitral process in India is "just an additional burden to the normal hierarchical mechanism of adjudication."
Named as 'New Delhi International Arbitration Centre (Amendment) Act, 2022', the new law came into force after the Ministry of Law and Justice in a notification issued late January 27 night made the announcement.