INTRODUCTION: India's IIA Landscape
India is one of the world's first destinations for
international investment.1 Since India's
independence in 1948, foreign investment has played a major role in
its economic development.2 While India first depended on
export substitution and debt-financed development,3 it
liberalised its economy in the early 1990s and began to rely on
Bilateral Investment Treaties (BITs) to stimulate the entry of
international investment.4
Evolution of India's Investment Policy
The first BIT was signed in 1994 between India and the United
Kingdom.5 Based on its 1993 Model BIT,6 and
2003 Model BIT,7 India signed over 80 IIAs to stimulate
foreign investment by providing protection to international
investors and their enterprises.8 These early Indian
IIAs' structure and regulatory regions are essentially
comparable and follow the overall pattern of traditional European
IIAs.9
