KACHARAGADLA

India is seeking to become the world’s newest international arbitration hub by establishing a new arbitral center in Mumbai. The Mumbai Centre for International Arbitration (MCIA), which begins proceedings this month, will be India’s very first arbitration tribunal. Its supporters hope it will help bring the industry’s best practices to the country. The unveiling of the MCIA underscores the significant growth of India-related arbitration cases in recent years. It also highlights the government’s desire to make India an attractive destination for international arbitration and make it a more compelling destination for business by bringing more reliable adjudication to India’s corporate sector. Arbitration remains the preferred option for multinational firms conducting business in the country, but India is not the preferred venue to arbitrate claims. The majority of arbitrations currently taking place within India occur on an ad hoc  basis. This has resulted in a lack of uniform sta