Chief Justice coins "Nyaya-nomics," stressing trust in justice for economic growth
GS3Economy · S&T · Environment · Security· Growth, inflation & macro indicators· Mains·
Why in news
CJI Surya Kant coined the term 'Nyaya-nomics' at the 11th BRICS+ Legal Forum to describe the synergy between the rule of law and economic growth.
Background
CJI Surya Kant spoke at the 11th BRICS+ Legal Forum organized by the Bar Association of India on August 22, 2026. He argued that the justice system provides the 'architecture' of growth through trust, predictability, and stability.
Facts for Prelims
- PostSurya Kant: Chief Justice of India (as of the article date)
- BodyBar Association of India: Organised the 11th BRICS+ Legal Forum
- FactNyaya-nomics: A term coined to describe the marriage between the Rule of Law and favorable economic conditions
For Mains
Q. Discuss how the rule of law and judicial predictability act as the 'architecture' for sustainable economic growth in a developing economy like India.
Dimensions to cover in your answer
- reduction in transaction costs
- investor confidence and trust
- consistency in jurisprudence
- institutional architecture vs. scaffolding
Keywords: Rule of Law · Predictability · Transaction Costs · Institutional Architecture · Jurisprudence
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