BANGALORE: Union Finance Minister P. Chidambaram has said that the sanctity of contracts and strict enforcement of laws were the need of the hour to make India a global leader.

Mr. Chidambaram was addressing the 14th annual convocation of the National Law School of India University held here on Sunday.

Mr. Chidambaram said that the important functions of a State were to maintain sanctity of contracts, dispute resolution and to facilitate the economic agents perform their duty. "Laws, being great leveller in democracy, are intended to provide efficient governance by reaching to all sectors of populace," he said.

He stressed the need to have laws and regulations, which did not overlook the ethical aspects pertaining to an issue.

"Knowledge, skills and attitude are the virtues which will guide scholars to reach the pinnacle of success in life.

"The law graduates should always keep in mind that the law is greater than everything else to be competent in this field," said Mr. Chidambaram.

He urged the students to develop a single collection of the State and the Centre's laws in the web to ensure easier access to public. Students from various streams such as Ph.D., M.Phil., LL.M, B.A, and LL.B., among other degree certifications and postgraduate diplomas, received their certificates from Chancellor and Chief Justice of India Y.K. Sabharwal.

Lack of funds

University vice-chancellor said: "Our country lacks in funding the students to participate in overseas competitions in contrast to other Southeast Asian countries."

He made a plea to the State and the Centre to encourage students financially in this regard.

Chief Justice of Karnataka High Court Cyriac Joseph and Lok Ayukta Santosh Hegde were present.

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