07 FEB,2022 | MEDC
The decision to set up an International Arbitration Centre in GIFT city is welcome. Arbitration is a key alternate dispute resolution mechanism worldwide, and this initiative is yet another step in strengthening dispute resolution through arbitration in India. With India having the unenviable reputation of being a litigation-prone tax jurisdiction, this move is particularly welcome. The promise of inclusive growth by prioritizing the PM Gati Shakti Initiative will benefit the travel and tourism sector, which has been hard hit by Covid. On the educational front, the budget has focused not only on the formal system, but also on vocational training by announcing the setting-up of virtual labs in science and mathematics and skilling e-labs for vocational courses. This is heartening, as it can help spread the availability of vocational courses to the remotest part of India, thus helping to promote the employability of people who are otherwise hard-pressed for resources. The healthcare sector has also been prioritized in the budget, with the National Digital Health Ecosystem. This open platform will enhance access to healthcare facilities for all Indians.
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