India, Feb. 5 -- In her budget speech, finance minister Nirmala Sitharaman announced an important update regarding bilateral investment treaties (BITs). She stated, "To encourage sustained foreign investment and in the spirit of 'first develop India,' the current model BIT will be revamped to be more investor-friendly." This declaration carries three significant messages. First, it acknowledges that signing BITs can help India attract higher levels of foreign direct investment. Second, the government recognises that the current Model BIT, which was adopted in 2015, is not particularly favourable to foreign investors. Third, and most importantly, India will update its existing Model BIT to make it more accommodating for investors....