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KFG Working Paper Series: Working Paper No. 10
Working Paper No. 10, "Protection of Foreign Investment in India and International Rule of Law: Rise or Decline?" by Aniruddha Rajput has been published.
KFG Working Paper Series: Working Paper No. 9
Working Paper No. 9, "The Rule of Law in the 2030 Agenda Law: Rise or Decline?" by Noora Arajärvi has been published.
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KFG Working Paper Series No. 10
Protection of Foreign Investment in India and International Rule of Law: Rise or Decline?
Aniruddha Rajput - Download PDF
This paper narrates the changes in the Indian policy towards forign investment and analyses them in the backdrop of overall changes in the filed of international law and particularly within the framework of international rule of law. The policy changes that have taken place in India can be categories into three periods. The first period commences after independence from colonial rule. This period is intriguing. At the international level, India insisted on national treatment for foreign investment and supported the New International Economic Order. Domesticaly, however, nationalisation was not pursued, even when pursued, was not applied to foreign investors. This period contued till the 1990s when India faced serious economic problems and this coincided with the high point of Washington consensus, often seen as the rise of international rule of law. During this time, national treatment was abandoned and innumerable investment treaties granting liberal protection were entered into. This process ended abruptly after India lost the first investment case. This turn of events comments the third period, where efforts were made towards balancing between investor protection and consrving regulatory freedom. Although this period may appear to be decline of international rule of law, but a nuanced approach shows that it is rather a rise in international rule of law. India has not withdrawn from the system of investor protection, as has been done by some other States. This period is characterised by extensive and detailed treaties to replace the prior sketchy treaty provisions. This is a move towards a more rule based investment protection.
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