Role of Commercial Courts Act for Speedy Disposal of Commercial Disputes in India: A Critical Analysis

Long ago, India was one of the most desired destinations for trade and commerce in the world. Qualities of Indian products were very high and these were exported all over the world. But, due to several reasons, we failed to retain that place and honor. Now, the time has come to do something concrete to get back our past glory and to place our country in the forefront of all nations of the Universe. During the past few years, Indian economy has become one of the fastest growing economies of the world and a preferred FDI destination. Rising incomes, savings, investment opportunities, increased domestic consumptions, availability of educated and cheap young human resources and existence of strong rule of law have increased our hope. Recent initiatives of the Government of India such as ‘Make in India’, ‘Skill India’, ‘Digital India’, and other initiatives for ‘ease of doing business’ have changed the face of Indian trade and commerce. Government of India has also taken various steps to bring reforms in legal framework. Because, law is the regulator of society. Rule of law is the very heart and soul of the democracy. If rule of law is destroyed, then exploitation, anarchy, nepotism, nihilism and cynicism will increase. It will prompt the people to take law in their own hand and which in turn will destroy trade and commerce environment. So, law plays an important role in the development of trade and commerce. Enactment of Commercial Courts Act, 2015 by the Government of India is one of the right steps in this direction. It was long overdue. This law will bring reforms in commercial dispute resolution procedures. It will help in increasing FDI as a part of ease of doing business initiatives in India.