Chief Justice of India D Y Chandrachud on Friday said time has come for the country to take lead in fostering a culture of international arbitration, providing a level playing field for dispute resolution beyond domestic courts.
He said respect for the rule of law promotes fairness, stability and predictability which in turn creates a conducive environment for economic growth as investors thrive in a system where rights are protected, contracts are enforced and disputes are resolved efficiently.
Speaking at a conference on international arbitration and the rule of law here, Justice Chandrachud said a strong rule of law framework also encourages foreign investment, promotes trade and enhances a nation's global competitiveness, ultimately driving sustainable economic development and improving living standards.
“The rule of law shares a symbiotic relationship with the creation of an environment which fosters economic stability and growth. Rule of law principles are, in other words, the virtual semi-conductors of our digital era,” he said.
The CJI said the International Monetary Fund (IMF) has predicted a seven per cent growth in GDP for India for 2024-25, making the country rank at the virtual top of the ladder, and the World Bank has followed the suit.
He also referred to figures about gross foreign direct investment inflows in India as well as the overseas direct investment.
