The construction industry in India averages 2000 billion rupees from 2011 until 2018, reaching an all-time high of 2400 billion rupees in the first quarter of 2018 on the GDP chart. Similarly, the construction industry in India is feeble and suffering through failure of resolution of disputes expeditiously and effectively by the parties. The recovery of the construction industry is critical for maintaining the current rate of growth and economic activity. The average duration for settlement of disputes is more than 7 years in India.
The total amount of investment that is currently tied up in disputes is approximately INR 75,000 crores. The major issue is pendency of construction disputes, which is about 68% of the total claims against government entities and public-sector units that are pending in arbitration and 13% are pending with the government entities.
The focus of the summit is to build an approach towards minimizing the impact, intensity and occurrence of claims and implementing techniques and best practices for effective dispute resolution.