Union Finance Minister Nirmala Sitharaman's Interim Budget statement that the government was negotiating bilateral investment treaties (BITs) with several countries should be good news at a time when foreign direct investment (FDI) has been slowing.
By setting out a reciprocal framework of investment rules, including the settlement of arbitration disputes, BITS protect the rights of both inbound and outbound investors. Ms Sitharaman went on to explain that the BITs were being negotiated in the spirit of "first develop India", an alternative expansion of FDI. Experience suggests that this stance as a negotiating position could be a serious sticking point, since mutual benefits are implicit in all BITS. Indeed, the fact that India has been able to sign few significant BITS since it unilaterally cancelled 77 of its 84 treaties from 2015 onwards and came up with a "Model BITS" framework points to the deficiencies in approach.
Bu hikaye Business Standard dergisinin February 06, 2024 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin February 06, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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