Indian Union Commerce and Industry Minister Piyush Goyal announced on Saturday that a major German chemical company has committed to investing $1.5 billion in India. The announcement, made during a session at the Union Internationale des Avocats (UIA) in New Delhi, revealed that the company is poised to finalize a land allocation deal, with its head scheduled to meet with a state’s Chief minister on Sunday.

While Minister Goyal refrained from disclosing the company’s name or the specific state involved, he indicated that the land allotment, spanning approximately 250 acres near a port, is imminent. “The company will have the allotment of land in his hand, and we will have a billion-and-a-half dollars of foreign direct investment coming into the country over the next 12 months,” Goyal stated, highlighting the swift progress of the investment.

Minister Goyal emphasized the government’s proactive measures to enhance the business environment, which have been instrumental in attracting foreign investment. “More and more companies are looking at coming to India to explore business opportunities,” he noted.

The government’s commitment to addressing investor concerns was also highlighted. Goyal assured that any legal impediments or instances of unfair competition, such as predatory pricing, would be promptly addressed. “We are ready to help them if any law is creating unnecessary hindrance or if they are facing unfair competition due to predatory pricing,” he stated.

Furthermore, the Minister discussed the importance of robust arbitration mechanisms in resolving commercial disputes, advocating for their increased utilization to alleviate the burden on the judicial system. “Of course, sometimes there are concerns about the quality of arbitration, so often a matter of deep concern for us in government for two reasons, whether the government was able to present its case smart enough and well enough before the arbitrators and second, whether the arbitration truly carried justice or was over influenced by the influence of large corporates or larger international thinking,” he explained.

Goyal called for the strengthening of arbitration and mediation processes to foster greater confidence among stakeholders. “There is also a need to ‘look at making arbitration and mediation much more popular in our working’,” he said. He further emphasized that a streamlined dispute resolution system is crucial for India’s ambition to become a global manufacturing powerhouse. “I do believe that if India continues to grow the way it is, and we continue to power on our manufacturing ecosystem, the way we are hoping to, we will obviously have disputes, we will obviously have areas of disagreement, and if we can keep the courts unclogged, our desire to become a global manufacturing hub will get a big boost,” he concluded.