Describing former Prime Minister P V Narasimha Rao as the father of economic reforms in the country, Chief Justice of India N V Ramana on Friday said that dispute resolution through negotiations and mediation is part of Indian culture.

Speaking at the Registration of Trust Deeds of the International Arbitration and mediation Centre here, Justice Ramana said the city is well placed to have an international arbitration centre and the cost of dispute resolution through the centre would be much cheaper when compared to other countries.

"You know the father of the economic reforms in the country is none other than P V Narsimha Rao, Telangana Bidda (son of Telangana). Under his leadership, in India for the first time economic reforms started," the CJI said.

"This (arbitration and mediation) is not a new thing that we innovated. You know that in Indian culture we sort out all our disputes through mediation and negotiation and conciliation. Every day we negotiate with our children, brothers and friends," he said.

Supreme Court judge Justice L Nageswara Rao and former SC Judge justice Ravindra will be the life Trustees of the Arbitration Centre here and they will co-opt some more members in future, Justice Ramana said.

He said earlier foreign investors were apprehensive about the time taken for dispute resolution process in the Indian judiciary and added that after the Arbitration and Conciliation Act came into being in 1996, the momentum has started for out of court procedures.

He asked the state government and Telangana High Court Chief Justice Hima Kohli to encourage companies to settle their disputes through arbitration and mediation.

He said the centre here should become an internationally acclaimed one in dispute resolution.

The CJI thanked Chief Minister K Chandrashekhar Rao for acting quickly on his proposal and making necessary arrangements for starting the Centre.