REIMAGINING ARBITRATION IN INDIA: EVALUATING THE STRUCTURAL CHALLENGES AND REFORM POTENTIAL OF THE DRAFT ARBITRATION AND CONCILIATION (AMENDMENT) BILL, 2024

India has been making continuous efforts to develop its arbitration framework in order to meet the requirements of being a preferred location for dispute resolution. The Arbitration and Conciliation Act, 1996 has been amended multiple times in the years 2015, 2019, and 2021 so as to reduce judiciary’s intervention and increase efficiency, as well as to promote institutional arbitration. However, arbitration in India continues to face certain obstacles such as high level of judicial intervention, delays, uncertainty in law, and prevalence of ad-hoc arbitration. The Draft Arbitration and Conciliation (Amendment) Bill, 2024 represents the latest attempt to address these concerns. It introduces several important reforms such as greater reliance on arbitral institutions, statutory recognition of emergency arbitration, an appellate arbitral tribunal, stricter timelines, and changes relating to the seat of arbitration and post-award remedies. At the same time, several proposed amendments raise concerns regarding their practical implementation, institutional readiness, and compatibility with internationally accepted arbitration principles. This paper critically evaluates whether the Draft Bill is capable of addressing India’s long standing arbitration challenges. Rather than merely examining the proposed amendments, it evaluates their likely implementation, identifies unresolved structural weaknesses, and analyses whether the reforms strike an appropriate balance between judicial oversight and arbitral autonomy. The paper argues that although the Draft Bill introduces several progressive reforms, many proposals require further refinement to ensure that India develops a reliable, efficient, and internationally competitive arbitration system.