Background of the Dialogue
The General Counsels’ Association of India (GCAI), in association with the University of Chicago Center in Delhi and the Nani Palkhivala Foundation, organised a high-level dialogue titled “Shaping the Legal Architecture of Viksit Bharat: The Supreme Court and India @2047” on November 5, 2026, in New Delhi.
The discussion brought together representatives from the judiciary, government, legal profession and corporate sector to examine how India's legal and judicial institutions must evolve to support the country's ambition of becoming a developed nation by 2047.
The panel featured Solicitor General of India Tushar Mehta, Delhi High Court Justice Prathiba M. Singh, Senior Advocate Arvind Datar and Deepak Bagla, Director of the Atal Innovation Mission. Dr. Sanjeev Gemawat, Managing Director and Group General Counsel of the Essar Group and Co-founder of GCAI, moderated the discussion.
The deliberations broadly addressed two themes: balancing economic development with social justice and identifying legal and institutional reforms necessary to achieve India's long-term development objectives.
Judicial Independence and Constitutional Balance
An important aspect of the discussion concerned the relationship between judicial independence and the constitutional responsibilities of the three organs of the State.
Solicitor General Tushar Mehta observed that judicial independence should not be understood as requiring judges to remain in constant confrontation with the executive or legislature. He emphasised that each constitutional institution has a distinct role and must function within the boundaries prescribed by the Constitution.
He highlighted that the executive and legislature, being elected institutions, have the responsibility of formulating policies concerning economic development, finance and technology. Courts have the responsibility of examining the constitutional validity of such decisions and protecting fundamental rights, but should not ordinarily replace the policy choices of elected governments with their own preferences.
The discussion recognised that an independent judiciary remains essential for protecting constitutional rights and ensuring governmental accountability. At the same time, respect for the separation of powers and the respective responsibilities of constitutional institutions is necessary for effective democratic governance.
Legal Certainty and Its Importance for Economic Growth
The participants emphasised that a predictable legal and regulatory environment is essential for attracting domestic and foreign investment.
As India moves towards its ambition of becoming a USD 35 trillion economy, its requirements for capital, technology, innovation and international partnerships are expected to increase substantially.
Investors and businesses require consistency in regulatory decisions, stability in commercial laws and effective enforcement of contractual obligations. Uncertainty in legal interpretation, inconsistent approvals and delays in resolving commercial disputes can adversely affect investment decisions and business operations.
The discussion highlighted that economic development must be supported by a legal framework that facilitates commercial activity while safeguarding fundamental rights, environmental interests, livelihoods and social justice.
The increasing international presence of Indian businesses also makes it necessary to ensure that Indian commercial jurisprudence remains responsive to internationally accepted legal and business practices.
Reforms in Commercial Laws and Tribunal Functioning
Senior Advocate Arvind Datar highlighted several structural difficulties affecting India's commercial justice delivery system, particularly the functioning of tribunals.
He drew attention to the substantial burden of insolvency proceedings before the National Company Law Tribunal (NCLT), which affects its ability to deal with ordinary company law matters efficiently.
The discussion raised the need to reconsider the distribution of company law jurisdiction between the NCLT and High Courts. Greater institutional independence, specialised appointments and longer tenures for tribunal members were also identified as important areas requiring attention.
Another concern was the time and expense involved in commercial litigation. Delays in obtaining judicial remedies can make the enforcement of otherwise legitimate commercial claims financially impractical, particularly for small businesses and Micro, Small and Medium Enterprises (MSMEs).
The participants also stressed the importance of revisiting aspects of commercial and contractual jurisprudence, particularly the law governing damages, indemnity and contractual remedies.
Greater clarity in these areas would help businesses assess their contractual risks, understand their legal entitlements and resolve disputes with greater certainty.
Technology, Innovation and Institutional Credibility
Deepak Bagla highlighted the importance of institutional credibility, judicial independence and regulatory consistency in creating an environment conducive to investment.
He pointed out that differences in regulatory approval processes across States can create difficulties for businesses and investors operating in multiple jurisdictions.
Justice Prathiba M. Singh addressed the challenges emerging from technological developments and their impact on India's legal and economic framework. The discussion included issues concerning intellectual property, taxation and legal certainty in the digital economy.
The participants also examined the potential of technology-enabled justice delivery in improving the functioning of judicial institutions.
Effective implementation of existing laws, reducing avoidable litigation and making judicial processes more efficient were identified as important priorities.
Sanjeev Gemawat on the Role of Law in Economic Transformation
Dr. Sanjeev Gemawat emphasised that India's ambition of becoming a developed economy by 2047 cannot be achieved through infrastructure development and economic growth alone.
He highlighted that a reliable legal system is equally important because it provides the institutional foundation necessary for the movement of capital, technology, innovation and business activity.
He also stressed the need to modernise commercial laws, particularly the principles governing damages and indemnity, so that Indian commercial jurisprudence remains aligned with contemporary business requirements.
According to him, judicial independence, executive accountability and legislative responsibility must operate within a framework of constructive institutional engagement.
Akhil Prasad Calls for a More Accessible Justice System
Dr. Akhil Prasad, Co-founder of GCAI, highlighted the need to move away from a legal system that is predominantly reactive and dependent on litigation.
He emphasised that India's legal institutions must become more accessible, efficient and responsive, with greater emphasis on resolving disputes within reasonable timeframes.
He identified institutional reforms, stronger tribunals, modern commercial legislation, effective alternative dispute resolution mechanisms and proper implementation of judicial decisions as important requirements.
He also stressed that economic development and social justice should not be treated as competing objectives. A strong legal framework must facilitate investment and innovation while protecting individual rights and constitutional guarantees.
Collaborative Approach to Legal and Judicial Reforms
Ms. Payal Chawla, Founder of JusContractus and Director of the Nani Palkhivala Arbitration Centre, emphasised the importance of collaboration between academic institutions, professional organisations and dispute resolution institutions.
She highlighted the value of drawing upon international experience and comparative legal practices while formulating reforms suited to India's economic and institutional requirements.
The proposed collaborative approach aims to identify practical measures to improve commercial legal certainty, strengthen dispute resolution mechanisms, expand access to justice and enhance the efficiency of legal institutions.
Key Priorities for Legal Reform
The deliberations identified several areas requiring attention to strengthen India's legal framework in the coming years:
1. Protecting judicial independence and institutional accountability while respecting constitutional boundaries and the separation of powers.
2. Modernising commercial laws, particularly the principles governing damages, indemnity and contractual remedies.
3. Strengthening tribunals through specialised appointments, institutional independence and improved tenure arrangements.
4. Reducing unnecessary litigation, judicial delays and the financial burden associated with dispute resolution.
5. Promoting mediation, institutional arbitration and other effective Alternative Dispute Resolution (ADR) mechanisms.
6. Ensuring consistency in regulatory decision-making and effective implementation of judicial decisions.
7. Using technology to improve access to justice and enhance the efficiency of judicial institutions.
8. Improving the international competitiveness of India's legal framework to meet the requirements of businesses operating in the global economy.
Nyaya Nirmaan Initiative and the Road Ahead
The dialogue forms part of GCAI's continuing Nyaya Nirmaan initiative, which focuses on reimagining India's legal foundations for Viksit Bharat @2047.
The initiative seeks to bring together policymakers, members of the judiciary, legal practitioners, corporate leaders and other stakeholders to develop practical recommendations for institutional and legal reforms.
The central message emerging from the deliberations was that India's legal system must perform a role beyond adjudicating disputes. It must also help prevent avoidable conflicts, ensure effective enforcement of rights, inspire investor confidence and provide an institutional environment conducive to economic development.
A predictable, accessible and efficient legal system, supported by independent institutions and modern commercial laws, will be an important component of India's aspiration to become a developed nation by 2047.
