Mr Sibal said the amendment should be initiated as early as possible to defeat India's competitors as most of their laws have been modified to absorb imports of technology, while India is stuck in the 19th centuries laws which do not allow businesses to self regulate.
India will have to legislate to establish technological bridges with economies of scale, Mr Sibal said at a seminar organised by ASSOCHAM and Society of Indian Law Firms (SILF) here.
Current Indian laws are too prototype and old which do not allow to keep pace with technological advancement that has been taking place worldwide, he said.
Lamenting that current Indian legislation procedures do not understand the significance and importance of technological revolution, Mr Sibal said this has led to ''a disconnect between legislative process and business development''.
Oberoi Group's Chairman P R S Oberoi called for urgent modification, upgradation and reform of the country's legal, judicial and executive system to enable the society and businesses to self regulate themselves and get integrated with the rest of the world.
Mr Sibal and Mr Oberoi were conferred the Outstanding Law Leader and Outstanding Business Leader Award 2008 on the occasion, ASSOCHEM said.
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