22/05/2025
India’s Changing Attitude to Investment Protection Treaties
Anil Chawla Law Associates LLP is pleased to present a scholarly book on the subject - evolution of protection of foreign investment in post-independent India.
India began with firm conviction that foreign investment deserved no special protection and that nationalization was a sovereign right. The country’s thinking changed in early nineties when country adopted liberalization and globalization. India executed more than eighty bilateral investment protection treaties (BITs) from 1995 to 2015.
While there was great enthusiasm for signing BITs, the country did not realize the importance and impact of BITs. The wake-up call in this regard came with the adverse award in case of White Industries. This was an award by an international arbitration tribunal which could not be challenged even before Honourable Supreme Court of India.
The wake-up call resulted in a kneejerk reaction. The new government that came to power in 2014 took the unprecedented step of terminating all BITs. India published a new Model Treaty which was to form the basis of all new BITs. However, almost all countries refused to negotiate on the basis of the new Model Treaty. A few weeks ago, Indian Finance Minister announced that India is working on a new Model Treaty.
BITs are unique as treaties. They enable creation of an authority (investment arbitration tribunal) which is higher than the Parliament and Supreme Court of India. They are above all laws passed by Parliament of India.
Despite such wide-ranging powers of BITs, Indian law schools, lawyers and judicial system have largely ignored BITs. I hope that the book will help to make the Indian intellectual class aware about this very important subject.
This book is based on the Ph.D. thesis of one of the co-authors titled Evolution and Emerging Scenario of India’s Investment Treaties with Foreign Countries.
Please download your free copy from the following link:
https://www.indialegalhelp.com/files/indiainvestmenttreaties.pdf