The standing of India as a reputable seat for international arbitration and litigation is not high.
The Arbitration Amendment Bill, now cleared by the Cabinet and to be introduced in Parliament soon, is expected to include a vast range of new statutory provisions.
Another criticism that is often aired is that retired judges have monopolised the profession of arbitrators. Since they conduct arbitration proceedings along the lines of court processes, this leads to lengthy delays.
It is easier to understand the parties and resolve a dispute if the arbitrator is well-versed with the knowledge and expertise in a particular business sector or industry. Therefore, creating specialised arbitral institutions along similar lines as that of the London Maritime Arbitrators Association (LMAA) should also be considered.