In an effort to make India a global hub for arbitration, the government will set up an Arbitration Council that will grade institutions that offer alternative dispute resolution mechanism for commercial disputes.

Union Law Minister Ravi Shankar Prasad, briefing reporters on Thursday, said as India attracted foreign investments, it was essential to provide for a reliable platform that included arbitration and resolution of commercial disputes in a time-bound manner.

On Wednesday, the Union Cabinet approved the Arbitration and Conciliation (Amendment) Bill, 2018.