A bill to rename the New Delhi International Arbitration Centre as the India International Arbitration Centre was approved by the Lok Sabha on Monday.
Union Law Minister Kiren Rijiju stated the goal of the legislation is to have top-tier arbitration in the nation while introducing the New Delhi International Arbitration Centre (Amendment) Bill, 2022.
Even if the bill is minor, he claimed that sometimes “a small step can be a huge leap.”
The minister added that arbitration will contribute in lowering the number of cases pending in the nation.
According to the statement of objects and reasons of the Bill, “it is considered imperative to change the name of the Centre from New Delhi International Arbitration Centre to India International Arbitration Centre so that a unique identity of the institute of national importance as conferred on it by law is evident and reflects its true objective”.
“It has been felt that the (New Delhi International Arbitration) Centre, being an institution of national importance, gives an impression of being city centric whereas it should be reflective of the aspirations to promote India as a hub of institutional arbitration and establish itself as a centre of international commercial arbitration,” the statement said.