India Inc India Inc: Monday, 05 June 2017 11:21

Powering ahead

A proactive, business-friendly government, great location and sound macro fundamentals are powering Haryana’s economic surge.

This is not the kind of news that makes for banner headlines. So, it was no surprise to find the news on Gurugram, the commercial capital of Haryana, getting an International Arbitration Centre (IAC) buried in the inside pages of most newspapers.

The city, part of the National Capital Region (NCR) and till recently known as Gurgaon, will be the second Indian city after Mumbai to get an IAC. The Punjab and Haryana High Court, whose approval is necessary, has given its consent and sent the proposal to the Haryana government.

Gurugram, which has been dubbed India’s Millennium City, is home to more than half of all Fortune 500 companies that currently take their arbitration cases to the IAC’s Singapore and London branches for resolution of disputes.

“Gurgaon has offices of a large number of multinational companies and setting up IAC in the city will be more cost-effective and less time consuming for business houses,” Harnam Singh Thakur, District & Sessions Judge, Gurgaon, was quoted as saying. Login/Sign up to Read more...

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