India launches first Maritime Dispute Resolution Centre
- In Reports
- 05:57 PM, Sep 16, 2024
- Myind Staff
As part of its efforts to boost the shipping industry, India has launched the nation's first maritime arbitration centre. The new India International Maritime Dispute Resolution Centre (IIMDRC) in Mumbai was inaugurated by India's Ministry of Ports, Shipping and Waterways (MoPSW) in collaboration with the India International Arbitration Centre (IIAC) last week. The establishment of the new maritime arbitration centre will constitute a significant step in advancing India as a relevant destination for the settlement of maritime disputes, especially through arbitration and mediation. Currently, London, Singapore and Hong Kong are the leading centres for the settlement of maritime disputes.
Although MoPSW stated that IIMDRC is intended to manage cases worldwide, its main goal is to be in line with the government's "Resolve in India" initiative. In essence, Indian maritime firms will have to collaborate with IIMDRC rather than other overseas organisations. “This is a monumental step in strengthening India’s dispute resolution infrastructure in the maritime sector,” said Retired Justice Hemant Gupta, who heads IIAC as Chairman.
The initiative, called Sagarmala, was started in 2015 with the goal of modernising India's maritime industry. Sagarmala will transform logistics through increased port development and shipbuilding in India. The plan includes 839 projects to be executed by 2035 that entail an estimated $70 billion. The Ministry of Ports said that so far, 262 projects have been executed.
Last week, the ports ministry reportedly put forward a plan to create a mega shipbuilding park. This plan would pool the resources and skills of different states' shipbuilding industries to make the entire process more efficient. According to MoPSW, by combining shipbuilding resources and knowledge from several states the aim is to boost India's global position in shipbuilding. Although it refrained from revealing further details about the location and construction.
Image source: Adda 247
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