A 9-day national virtual conference on "Rule of Law" was inaugurated on Saturday by former Chief Justice of India, MN Venkatachaliah.
The conference, Indian Democracy at Work, is being organised by the Foundation for Democratic Reforms (FDR) under the leadership of Dr Jayaprakash Narayan, in association with Indian School of Business (ISB) and the University of Hyderabad (UoH) from February 20 to 28.
Speaking during his inaugural address, Justice Venkatachaliah said the miscarriage of justice is not seen in advanced countries and the arrears in courts are a reflection of deeper malaise in the country.
Former RBI Governor Dr Duvvuri Subbarao, who delievred keynotr address, spoke on how "Rule of Law" is a key to economic development.
Drawing a contrast between North Korea and South Korea, he said, "Institutions and Rule of Law explain the stark contrast between South Korea and North Korea; otherwise located in the same geographical area, coming from same cultural background, having similar resources."
A government going back on repatriation of profits is absence of rule of law, he said.
"China lifted millions out of poverty spectacularly. How did that happen? It happened because of rule of law," he said, adding that Industrial Revolution started with the presence of rule of law, as England enacted patents and property rights.
On India, he said we will get to a $5 trillion economy but the question to ask ourselves is how we get there.
"We need to create a happier and profitable environment in the country. When supply chains started moving out of China, the expectation was that India would be at an advantage. However, the investments moved somewhere else - Malaysia, Thailand, Philippines, Vietnam, Indonesia. It is still not easy to do business in India," Subbarao said.
This is the second in the series of annual conferences being organised under the forum "Indian Democracy at Work". More than 40 bright legal minds from across India and the world will participate in the meet and explore solutions to the issue of rule of law crisis in India.