New Delhi, Feb. 1 -- Budget 2020-21 may have a provision that foreign investors in India have long sought, according to two government officials familiar with the matter: an investment protection law that safeguards investments from future changes in policy.

"A draft law for the protection of foreign investment is almost ready and being vetted. It also includes provisions of several BIPA (Bilateral Investment Promotion and Protection Agreement) and additional statutes. Some developed countries, interested in enhancing trade and commerce with India, want a robust dispute resolution mechanism and seek investment protection guarantees in unequivocal terms," one of the two officials said who requested anonymity.

There have been several instan...