New Delhi: India is negotiating bilateral investment treaties with different countries with a view to promote foreign inflows, Finance Minister Nirmala Sitharaman said on Thursday. She said that foreign direct investment (FDI) has doubled during 2014-23 to $596 billion compared to the inflow received during 2005-14. These pacts are important as India has earlier lost two international arbitration cases against British telecom giant Vodafone and Cairn Energy plc of the UK over the retrospective levy of taxes.
“For encouraging sustained foreign investment, we are negotiating bilateral investment treaties with our foreign partners, in the spirit of first develop India,” she said, while presenting the interim Budget 2024-25.
India is negotiating this treaty with countries such as the UK. These investment treaties help in promoting and protecting investments in each other’s countries..
