Bharat cannot become $10 trillion economy by capital or policy alone: CJI

Calling for an overhaul of legal architecture to meet the demands of an evolving economy, Chief Justice of India Surya Kant on Saturday said that the country's transformation into a USD 10 trillion economy cannot be achieved through capital or policy alone and that the quality of the legal system would be a crucial factor.
 
The CJI underscored the need for predictability, specialisation, and a culture of good faith in commercial law to help the country achieve this goal, as it will require capital that involves commitments that unfold over time and for which investor confidence is a must.
 
He asserted that mechanisms like mediation would do more for India's economic competitiveness than many reforms that attract greater attention. The CJI also stressed on the use of technology and adapting legal education to respond to the needs of the changing economy.
  
Speaking at the 'Rule of Law Convention 2026' on the theme 'Legal Reform Roadmap to a USD 10 Trillion Bharat', organised by the Bar Association of India, the CJI said the topic was not merely an aspiration for the country but a serious consideration and dealt with not a "marginal" query but one of the most important questions.
 
"I am confident that we will surely rise to the occasion. A USD 10 trillion mark will not be built by capital or policy alone. It will be built in no small part by the quality of the legal system that upholds the rule of law and the promises on which all of that depends.
 
"Our country never lacked the legal talent to build that system. And what this convention affirms is that it does not lack the will as well," said CJI Surya Kant.
 
He said the generation that shapes India's commercial jurisprudence for a USD10 trillion economy will be remembered the same way as the generation that shaped its constitutional jurisprudence.
 
He said that to reach the mark, the country needed to attract capital of a very different kind.
 
"This is capital that is patient, long-term and dependent on institutional reliability; whether it is a pension fund investment in infrastructure, a technology company transferring proprietary know-how, or a global manufacturer establishing an integrated supply chain, these are not short-term bets, they are commitments that unfold over time," the CJI said.
 
He said that investors, before committing, needed to know whether the legal system governing that investment would remain honest, consistent and predictable over the years of their commitment.
 
"At its core, the question is one of trust; It is not merely about enforcement at the stage of breach of a contract, but about the continued integrity of obligations for performance. Such confidence among the investors enables commerce and commercial relationships to create the value they are intended to generate," the CJI said. -- PTI