Thursday, June 13, 2024

Middle East

Legal Frameworks Essential for Global Capital Movement, Says India’s Attorney General

May 29, 2024 3:10 PM IST

UAE Business Forum | India's Attorney General

At the India UAE Business Forum in Dubai, India’s Attorney General R. Venkataramani emphasized the critical role of robust legal frameworks in facilitating global capital movement. The event highlighted India’s legal reforms and their impact on attracting foreign investments.In his keynote speech, Venkataramani underscored the importance of strong legal frameworks for smooth capital movement. Organized by the Indian Chamber of Commerce (ICC) under the theme “Fostering Entrepreneurship & Global Business Relationships,” the forum focused on enhancing economic ties between India and the UAE.

Venkataramani stated, “Liberty is the foundation of innovation and creativity. For these to flourish, we need legal systems that are accessible, free, expeditious, efficacious, and efficient.”He elaborated that the global movement of capital relies on legal and regulatory frameworks aligned with international standards. “This alignment is crucial for fostering innovation and ensuring economic prosperity,” he added.India’s recent efforts to overhaul its legal systems by eliminating outdated laws and streamlining compliance aim to create a more investor-friendly environment.

India’s Solicitor General Thushar Mehta highlighted, “India has eliminated 1,600 outdated statutory legislations through a single parliamentary enactment. This unprecedented move shows the government’s commitment to a business-friendly environment. Investors previously had to navigate 39,000 compliance requirements, which we have significantly reduced.”Mehta also emphasized digitalization’s role in supporting these reforms. “Digitalization has been a game-changer for India. The establishment of a unique identification system and the proliferation of bank accounts have ensured transparency and efficiency in financial transactions,” he added.

The Consul General of India in Dubai, Satish Kumar Sivan, echoed these sentiments, saying, “Our legal reforms demonstrate our commitment to fostering entrepreneurship and innovation. By streamlining legal processes, we attract foreign investments and contribute to the development of the Indian business environment.”

The forum included discussions on insolvency and debt, cross-border M&A transactions, blockchain, the role of arbitral institutions in fostering an investor-friendly ecosystem, and new developments between India and the UAE.

By Vinod Kumar (Dubai) 

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