India has inaugurated its first maritime arbitration center, the India International Maritime Dispute Resolution Center (IIMDRC), in a significant move to bolster its position as a global hub for resolving maritime disputes.
The Ministry of Ports, Shipping and Waterways (MoPSW) launched the center last week in Mumbai, in collaboration with the India International Arbitration Centre (IIAC).
The establishment of the IIMDRC marks a crucial step in enhancing India’s dispute resolution framework within the maritime sector.
This center is expected to handle international arbitration cases, aligning with the government’s “Resolve in India” initiative.
This initiative promotes the use of domestic facilities by Indian maritime companies, encouraging them to avoid foreign arbitration centers in locations such as Hong Kong, London, and Singapore.
Retired Justice Hemant Gupta, Chairperson of IIAC, hailed the opening of the IIMDRC as a “monumental step” in reinforcing India’s maritime dispute resolution capabilities.
This development is part of the broader Sagarmala program, announced in 2015, which aims to enhance the performance of India’s logistics sector through port expansion and the growth of the domestic shipbuilding industry.
The Sagarmala initiative plans to complete 839 projects by 2035, with an estimated investment of $70 billion; to date, 262 projects have been completed.
During the same meeting where the IIMDRC was launched, the Ministry of Ports also unveiled a proposal for a large shipbuilding park designed to consolidate shipbuilding resources from across India. This project aims to improve efficiency and strengthen the nation’s competitiveness in the global shipbuilding market, although a specific location for the park has yet to be determined.
Dr. Pramod Sawant, the Chief Minister of Goa, highlighted the significance of the Indian Maritime Center during his remarks at the 20th Maritime States Development Committee Meeting.
This meeting, chaired by Union Minister for Ports, Shipping, and Waterways Shri Sarbananda Sonowal, also featured the signing of a key Memorandum of Understanding (MoU) under the Sagarmala Pariyojana, aimed at accelerating development in Goa.
