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Bit issues and turning back the clock
When India opened its economy in 1991, ushering in foreign direct investments and external capital inside the country, it entered into several Bilateral investment treaties (BITs) which allows the foreign investors to use international arbitration to hold India accountable for any detrimental regulatory overreach under international law. Till 2010 India had inked BITs with 83 countries. However, flustered by many BIT claims brought against India by foreign investors since 2011, India has unilaterally issued BIT termination notices to 58-member countries, following which after the expiry of the mandatory one-year notice period, these BITs would lapse on March 31. To be fair, India wants to sign a new model BIT 2016 with these countries but developed countries has not shown much interest given the provisions of the new BIT model. Is India moving back to pre-1991 era?

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