CJI Surya Kant bats for 'Nyaya-nomics' to drive economic growth via consistent adjudication
Chief Justice of India Surya Kant on Saturday, Aug 22 said that the enormous growth nations are expected to sustain cannot come solely from the luck of geography and called for "Nyaya-nomics" or the economics of justice to ensure a level playing field through consistent adjudication.
Addressing the 11th BRICS+ Legal Forum in New Delhi the CJI said institutions are not scaffolding erected around growth but are its architecture. The forum's theme was Rule of Law Frameworks and Institutional Capacity Building for Economic Resilience Innovation and Sustainability.
The scale at which India and each of the BRICS+ nations are progressing owes itself to the strength of their institutions the judiciary chief among them he said.
"The enormous growth that our nations are expected to sustain cannot solely arrive by the luck of geography or the accident of resources. It is built deliberately out of institutions strong enough to be trusted. Perhaps numbers and statistics can make the point better than words alone" CJI Kant said.
"Nyaya-nomics or more simply the economics of justice. It is a fact that consistent adjudication and trust in the process reduce the cost of each transaction built upon it thereby levelling the playing field for market forces and in turn making way for growth" he said.
No BRICS+ economy including India has achieved growth solely through its resources he added noting that development in these countries has been proportional to the enforceability of their commitments.
The CJI also urged the gathering to remember the phrase "Nyaya Setu" a bridge of justice connecting 11 legal traditions that have mutually agreed trust should be cultivated deliberately rather than awaited passively.
"Institutions are not scaffolding we erect around growth once it has already begun but they are its architecture. Take the architecture away and in truth what looks like a rising economy is a stack of good fortune waiting for its first storm" he said.
