ECONOMY

Fadnavis inaugurates India’s first International Arbitration Centre in Mumbai Maharashtra Chief Minister Devendra Fadnavis on 8 October 2016 inaugurated India’s first centre for international arbitration in Mumbai. Inaugurating the Mumbai Centre for International Arbitration (MCIA), Fadnavis said that India will leave its benchmark worldwide in business dispute redressal with the setting up of international arbitration centre in Mumbai.  The Mumbai Centre for International Arbitration (MCIA) is located in Express towers, Nariman Point. It is being headed by CEO Madhukeshwar Desai. Mumbai Centre for International Arbitration (MCIA) • The MCIA will be governed by a 17-member governing council. • The Arbitration Centre is in sync with the Prime Minister's Make in India campaign. • The Centre would provide a time bound and cost-effective facility and reinforce investor confidence. • MCIA will be helpful in development of the proposed International Financial Services Centre (IFSC) in Mumbai. The state government has plans to develop IFSC in BKC. • It will feature arbitration rules that reflect international best practices. • The MCIA Council for Arbitration will have some of the leading arbitration practitioners from India and around the world. • It will be a catalyst for business and investment into India. • It is the result of a joint effort between the domestic and international arbitration community, the business community and the Government of Maharashtra. In the absence of an international arbitration centre in the country, the majority of global disputes earlier landed at the Singapore International Arbitration Centre and London Court of International Arbitration. A study conducted by the Singapore International Arbitration Centre suggests that it handled about 30 percent of cases that involved Indian businesses.