India updates bilateral investment treaty to attract foreign investors
Business
India is updating its bilateral investment treaty (BIT) to make it more inviting for foreign investors and closer to international standards.
Economic Affairs Secretary Anuradha Thakur said the government is talking with stakeholders, aiming to fix key pain points and create a smoother experience for everyone involved.
BIT requires 5-year domestic exhaustion
The current BIT, set up in 2015 after setbacks during arbitration with companies, has been called out by countries such as the UK and Saudi Arabia for being too strict, especially since it requires foreign investors to exhaust domestic legal remedies for five years before they can seek international arbitration to resolve disputes.