New Delhi, March 19: The Associated Chambers of Commerce & Industry of India (ASSOCHAM) today hosted the 2nd Bharat Legal Conclave on aligning India’s legal ecosystem with global standards and legal landscape.
Shri Arjun Ram Meghwal, Hon’ble Minister of State, Ministry of Law & Justice (Independent Charge) and MoS, Ministry of parliamentary affairs Govt. of India addressing the conclave virtually said, “In a rapidly transforming technological world, it is essential for our legal and regulatory framework to keep pace. Law is a living organism. It cannot remain static. It must continuously evolve in accordance with the changing needs of society. In addition to ease of doing business, ease of justice is equally important. Through Digital India, we have built a strong digital foundation to address new challenges such as phishing, cyberattacks, regulation of artificial intelligence and global digital platforms. Our objective is to create a legal ecosystem that is innovative, inspirational, attracts investment and strengthen the rule of law.“
Recounting the government’s milestone, he said, “The Jan Vishwas (Amendment of Provisions) Act, 2023, 183 provisions across 42 central Acts have been decriminalized, and more than 47,000 compliance burdens have been reduced. The Bharatiya Nyaya Sanhita, Bharatiya Nagarik Suraksha Sanhita and Bharatiya Sakshya Adhiniyam have replaced IPC, CrPC and Evidence Act marking the shift from punishment to justice.“
“To expedite the resolution of commercial disputes, steps such as the Commercial Courts Act, pre-institution mediation, arbitration reforms, and the Mediation Act, 2023, have been undertaken. Alongside this, under Phase III of the e-Courts Project, technologies like artificial intelligence, machine learning, NLP, and OCR are being utilized.” He added.
Delivering the Keynote address, Hon’ble Mr. Justice Dr. Mukundakam Sharma, Former Judge, Supreme Court of India said, “In our preamble of our constitution, we have declared ourselves as a socialist country indicating a regulated and planned economy and also a bag of mixed product. But with globalisation we have turned to the concept of open economy, open market. There is definitely a conflict between the two concepts. It is not only us, even communist countries like China and Russia too are accepting this notion of open economy.”
“When we accept open economy and open trade & commerce, our laws had to be updated, modified and new legislations brought in to suit the requirement and the necessity of the time.” He added.
In her special address, Ms. Padma Jaiswal, Secretary, Govt. of NCT Delhi said, “Foreign direct investors especially from G20 and BRICS nations are insisting on a more ESG friendly eco system. The Ministry of Corporate Affairs and other ministries have taken steps to make our corporate sector more compliant for the ESG norms. The Delhi government too is introducing a Green Budget to balance environmental sustainability and economic progress.”
“One common ranking on ease of doing business for the country may not justify the progress made by individual states as India is a large and diversified country.” she added on the context of the global ranking system for ease of doing business.
In his opening remarks, Mr Hardeep Sachdeva, Chairperson Designate, ASSOCHAM National Council for Legal Affairs & Regulatory reforms said, “There has never been a dull day for legal fraternity in this country in the last 10 to 20 years. We have seen revolutionary laws such as GST and IBC being made and revamp of the CRPC with the BNS and IPC and DPDP Act.”
Mr. Sanjeev Kapoor, Co-Chairperson Designate, ASSOCHAM National Council for Legal Affairs & Regulatory reforms said, “India is an increasingly central player in global supply chains, innovation ecosystems and digital marketplaces. As India’s economic growth continues, legal and regulatory institutions too must grow in strength, agility and credibility.”
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