New Delhi, Feb 16 (IANS): Former Attorney General for England, Wales and Northern Ireland Lord Goldsmith on Saturday said India is progressing towards improving its global perception of doing business and an effective arbitration regime will aid that process.

"India is progressing towards improving its global perception of doing business and an effective arbitration regime will aid that process," Goldsmith said, while addressing the 11th Annual International Arbitration Conclave here.

The event, organised by the Nani Palkhivala Arbitration Centre (NPAC), was themed on "Arbitration Regime in India - Evolving Opportunities and Daunting Challenges".

"This conclave, by initiating important discussions around pressing challenges and finding effective solutions to overcome them will be another step in that direction," Goldsmith added.

NPAC Director Arvind P. Datar emphasised on how India is slowly taking steps towards focused and institutionalised arbitration.

"While the government has taken numerous measures to improve the country's credentials as a preferred arbitration destination, I feel there are many other opportunities and challenges that need to be discussed in order to make legislations concerning arbitration more effective," Datar said.