PM Modi narrow-minded, shortsighted: CM KCR

Hyderabad: Chief Minister K Chandrashekhar Rao accused Prime Minister Narendra Modi of attempting to shift the International Arbitration Centre established in Hyderabad to Ahmedabad in Gujarat. He said union Finance Minister Nirmala Sitharaman’s announcement on the establishment of an International Arbitration Centre at Gujarat International Finance Tec-City (GIFT) was an attempt to overshadow the existing […]

Hyderabad: Chief Minister K Chandrashekhar Rao accused Prime Minister Narendra Modi of attempting to shift the International Arbitration Centre established in Hyderabad to Ahmedabad in Gujarat. He said union Finance Minister Nirmala Sitharaman’s announcement on the establishment of an International Arbitration Centre at Gujarat International Finance Tec-City (GIFT) was an attempt to overshadow the existing Arbitration Centre at Hyderabad.

“The International Arbitration Centre is an alternative dispute resolution mechanism, for faster dispute resolutions between major companies out of the court. Following my request, Chief Justice of India NV Ramana took the initiative and got it opened in Hyderabad which has improved Hyderabad’s status on the international platform,” he said.

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However, Chandrashekhar Rao stated that Prime Minister Modi who was narrow-minded and shortsighted tried to pressurise those heading the Arbitration Centre to relocate to Ahmedabad. As his efforts did not fructify due to prior commitments, he announced a similar centre for Gujarat. He said if the Prime Minister and the union Finance Minister had any magnanimity, they should have at least acknowledged the presence of the first such International Arbitration Centre in Hyderabad.

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