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Our Bureau

New Delhi , March 24

TO achieve a double-digit economic growth, there is a need to review the existing legal and judicial systems of the country.

"Legal reforms should keep pace with economic reforms. We have to reinvent the present legal system to achieve the economic growth target," a Federation of Indian Chambers of Commerce and Industry (FICCI) official said.

Economic legislations in the country are currently overregulated and compliance costs were also high, industry representatives said adding, "We have more than 3,000 statutes out of which approximately 450 deal with economic and commercial decision-making."

"In order to increase competitiveness, attract FDI and have a sustained economic growth, we need to prune the existing legal and judicial systems," FICCI said. In fact, to deliberate upon the issues to review the existing legal and judicial system in the country, FICCI and the Bar Association of India are organising a national conference on `Reinventing Indian legal system for achieving double-digit economic growth'.

The conference would also discuss topical issues pertaining to legal reforms to keep pace with economic reforms. Issues concerning the Companies Act, direct and indirect taxes, arbitration and alternative dispute resolution and cyber laws will be discussed. Besides, it would also focus on the existing judicial system in the country, court procedures and practices with particular reference to delays due to laws, simplification and rationalisation of tax laws to stimulate investment and growth.

Senior Government representatives, judges, legal luminaries, corporate leaders, chartered accountants and experts from the corporate sector in the area of legal and secretarial compliances would address the conference scheduled for April 10.

More Stories on : Courts/Legal Issues | Industry Associations

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