Introduction

India has concluded at least 87 international treaties protecting foreign investment, beginning with a bilateral investment treaty (BIT) with the United Kingdom (UK) in 1994. In 2003, it formulated a Model BIT (2003 Model BIT), which contained terms broadly similar to those India had agreed under its various BITs. In the ensuing years, however, India faced several disputes with foreign investors, who resorted to investor-State international arbitration proceedings under Indian BITs. Presumably due to unfavourable outcomes based on what India saw as excessive limitations on its regulatory ...