New Delhi, Feb. 7 -- A seven-member Arbitration Council of India (ACI) has been proposed to be created under Section 10 of the Arbitration and Conciliation (Amendment) Act, 2019 in order to develop policies for grading arbitral institutions, recognise professional bodies for accrediting arbitrators, and promote arbitration training and courses, said Minister of State (Independent Charge) for Law and Justice Arjun Ram Meghwal in Lok Sabha.

The Minister stated that over the past decade, the government hasundertaken several initiatives to position India as a global hub forarbitration.

"Amendments to the Arbitration and Conciliation Act, 1996 in 2015, 2019and 2021 were aimed at ensuring timely conclusion of proceedings, maintaining neutrali...