With the world’s attention focused on the China-plus-1 strategy or India for the rest, Industries Minister KT Rama Rao emphasised the importance of instituting long-term reforms and ensuring dispute redressal in a time-bound manner.
With Telangana ranked at the top in terms of Ease of Doing Business, the Minister stated that the State government was now focusing on improving the quality of doing business and lowering the cost of doing business.
Cost and time savings, as well as goodwill, were all part of industrial relations. He stated at the International Arbitration and Mediation Centre (IAMC) Hyderabad fireside chat on Tuesday that the Telangana government was more focused on ensuring more satisfied customers through early dispute redressal.
He claimed that the endless battles of Hyderabad-based industries with prolonged litigation in various courts have taken not only significant profits off their balance sheets but also wasted precious time of their efforts and the judiciary.
“An institution like the International Arbitration centre was extremely beneficial and the State government completely endorsed it. The international centre has made a good beginning and I request to the Registrar and other staff to create more awareness through these sessions” the Minister said.
Having such a Centre in this city makes it very appealing to the State government, both in terms of positioning and attracting more investments. This Center was created not only for mega industries, but also for MSMEs that are experiencing difficulties and have multiple disputes at their local level.
The national MSME Act included a provision from the state side to establish a facilitation counsel to assist MSMEs. In addition to having one facilitation counsel in Hyderabad, the Telangana government established decentralised councils in Warangal, Karimnagar, and Nizamabad, according to the Minister.
However, there have been reports of litigations being extended even at facilitation councils. All efforts would be made to align the operations of these counsels with the International Arbitration and Mediation Centre and to test an alternate dispute resolution mechanism for MSMEs, he added.
Recalling that Chief Minister K Chandrashekhar Rao led a delegation to Singapore in 2014 to learn about Singapore’s industrial policy, he stated that after studying various policies of other countries, the Telangana government implemented TS-iPASS in October 2014.
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“We wanted to confer the right on the investors- the right to self-assessment. In 8.5 years, more than 47 billion dollars of investment have been attracted through the policy, including some of the largest data centres in the world” said Rama Rao, pointing out that Amazon’s largest campus was in Hyderabad. It had got all clearances in 11 days and that was the success of TS-iPASS, he said.
Former Singapore Attorney General Justice VK Rajah stated that states could reposition themselves to take India to the next level of legal development. “It is my first visit to Hyderabad and I am impressed,” he said, adding that if parties did not have confidence in courts, arbitration would not work. Hyderabad needs to be a premier legal hub, he said.
Telangana High Court Chief Justice Ujjwal Bhuyan stated IAMC was trying to establish itself as a global centre domestically and internationally. Businesses in India were still in the shadow of governments. When they come out of the shadow and become corporate in the true sense, then parties would seek institutional arbitration, which would strengthen the economy and contribute to good governance, he said.
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