Chief Justice of India (CJI) BR Gavai on Saturday said that the Indian judiciary has played a stabilising role in the country’s economic transformation by ensuring that commercial development remains anchored in constitutional principles..Speaking at the 6th Full Meeting of the Standing International Forum of Commercial Courts (SIFoCC) in New Delhi, CJI Gavai said the courts have ensured continuity and certainty even as India shifted from a controlled economy to global integration.“Throughout this transformation, the judiciary has been a steady guardian of the rule of law. The Court has ensured predictability and certainty, which are core elements of the rule of law,” he said..He added that the Supreme Court does not interfere in economic or policy matters unless such decisions violate constitutional rights.“The Supreme Court has ensured that it does not interfere in the policy matters which have economic considerations involved unless there is a violation of fundamental rights or other provisions of the Constitution,” CJI Gavai noted.He traced the constitutional basis for economic activity to Article 19(1)(g) which guarantees the freedom to carry on trade or business, and Article 14 which requires fairness and non-arbitrariness in State action.With technology reshaping commerce, CJI Gavai said the legal system must continue adapting.“As India transitions to a digital and green economy, commercial law must promote sustainability and ethical enterprise,” he said, noting that ESG integration “is a welcome trend, for markets function best when anchored in responsibility. Profit must be aligned with purpose.".He further cautioned that emerging areas—fintech, blockchain and AI—pose new questions for regulation.“Courts and regulators alike will have to balance efficiency with rights, and speed with scrutiny,” he noted..The CJI said the Supreme Court has upheld a balance between economic freedom, regulatory discipline and fairness, adding that the State’s powers, especially in taxation, must have a clear statutory basis and remain proportionate.He highlighted the Court’s insistence on timely resolution and accountability as “vital for the health of the financial system,” while re-emphasising that “commerce must ultimately serve human welfare and social justice.".CJI Gavai traced India’s modern commercial architecture to post-1991 reforms, citing the establishment of SEBI, adoption of institutional arbitration under the Arbitration and Conciliation Act, the Competition Act, corporate social responsibility and board diversity mandates under the Companies Act, specialised commercial courts and the Insolvency and Bankruptcy Code.These measures deepened the partnership between law, economy and justice, ensuring that India’s growth remains constitutionally grounded, he opined..Union Law Minister Arjun Ram Meghwal, who also addressed the gathering, said India is committed to strengthening commercial dispute resolution in line with global standards.“Today in the technologically connected world, we are living in a global village,” he said. He stressed upon the need for a seamless sustainable ecosystem for dispute resolution across trade, finance, cross-border commerce, technology and government..He highlighted recent reforms including:• repeal of more than 1,500 obsolete laws;• new criminal law codes;• reduction in compliance burden; and• digital upgrades to judicial ecosystems..Meghwal said the government is taking steps to position India as an arbitration hub.In this regard, he highlighted the India International Arbitration Centre Act of 2019, the Commercial Courts Act of 2015 and amendments to the Arbitration and Conciliation Act..He further noted that the Bar Council of India rules enabling foreign lawyers and foreign law firms to practise foreign law and international arbitration in India on principles of reciprocity is a “pivotal moment” for expanding global collaboration..He said such reforms strengthen the ease of doing business, ease of justice and ultimately ease of living, and would help India’s courts facilitate investor confidence and economic expansion..Follow Bar and Bench channel on WhatsAppDownload the Bar and Bench Mobile app for instant access to the latest legal news.
