Throw the Bathwater, but Keep the Baby!
The concluding chapter shows that India’s approach towards BITs post 2010 has become protectionist. This protectionist approach towards BITs is divergent from India’s liberal foreign investment policy. India’s BIT practice needs to evolve in a manner that balances investment protection with the host state’s right to regulate. This is important as it would help India safeguard its regulatory power as a host nation and also to protect Indian investment abroad. India needs to evolve its investment treaty practice by developing BITs as tools that advance international rule of law and are modelled using the normativity of embedded liberalism. Embedded liberalism will represent a compromise between free markets and regulation, thus increasing the acceptability of BITs for all stakeholders such as foreign investors, the civil society and the sovereign state.
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