Chief Justice N V Ramana Friday hailed late Prime Minister P V Narasimha Rao as the “father of India’s economic reforms”. He also said it was Rao who had set in motion a law to allay foreign investors’ concerns about getting caught in unending litigation — ultimately resulting in the Arbitration and Conciliation Act, 1996.
“You all know the father of economic reforms in this country is none other than P V Narasimha Rao,” the CJI said while addressing an event on the occasion of registration of the trust deed of the International Arbitration and Mediation Centre, Hyderabad. It was Chief Justice Ramana who had proposed such a centre in the city.
Referring to the law, he said it was after its introduction that “the momentum started for arbitration, conciliation, mediation procedures.”
The Chief Justice said that businesses, whether in India or outside, do not want litigation. And even if they are caught in litigation, they want to resolve it peacefully, amicably and without a time lag, he added.
“This (arbitration and mediation) is not a new thing that we innovated. You know that in Indian culture we sort out all our disputes through mediation and negotiation and conciliation. Every day we negotiate with our children, brothers and friends,” he said.
Supreme Court judges L Nageswara Rao and R Subhash Reddy also spoke on the occasion.
The CJI urged the state government and Telangana High Court Chief Justice Hima Kohli to encourage industries to settle their disputes through arbitration and mediation and thanked Chief Minister K Chandrashekhar Rao for swiftly acting on his proposal.