Lok Sabha on Monday passed a Bill to rename the New Delhi International Arbitration Centre as the India International Arbitration Centre.
Piloting the New Delhi International Arbitration Centre (Amendment) Bill, 2022, Union Law Minister Kiren Rijiju said that the objective of the amendment is to have world-class arbitration in the country.
He said that though it is a small Bill, sometimes "a small step can be a giant leap".
The minister further said that arbitration would also help in reducing pendency of cases in the country.
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.
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