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Bilateral Investment Treaties Must Align with National Interests: Sitharaman

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Union Finance Minister Nirmala Sitharaman emphasized on Sunday that bilateral investment treaties (BITs) must prioritize national interests regarding regulatory powers and act as a reference point for arbitrators in dispute resolution. She highlighted that the complexities surrounding BITs are unique to sovereign nations and should therefore be negotiated independently, not bundled within Free Trade Agreements (FTAs).

The finance minister made these remarks during the launch of the inaugural Post Graduate Certificate Course on International Commercial & Investment Treaty Arbitration in New Delhi.

She pointed out that arbitrators frequently overlook judicial rulings from host countries, which necessitates that investment treaties not only enhance regulatory authority for nations but also offer clear direction to arbitrators. “I firmly believe that moving forward, the structure of investment treaties should reflect national interests concerning regulatory powers and provide robust guidance to arbitrators in conflict resolution, taking into account the interests and situations of the nations involved,” said Sitharaman.

Her comments are particularly pertinent as India engages in negotiations for BITs with the UK, Saudi Arabia, Qatar, and the European Union (EU). During her speech, she referenced UNCTAD reports indicating there have been 1,368 documented investment treaty cases.

“Alarmingly, nearly 70% of these cases are directed at developing nations, often based on outdated treaties, presenting a significant concern for these countries. Such treaties enable investors to exploit opportunities and gain unfair advantages,” the minister noted.

Sitharaman also mentioned the trend where financially powerful parties acquire cases from arbitration participants, dragging disputes out for extended periods—an undertaking too costly for sovereign states to sustain across various jurisdictions. “Ultimately, the party with deeper pockets often prevails in these cases. While this isn’t universally applicable, numerous anecdotal accounts from developing nations corroborate this pattern,” she added.

She further explained how corporations have leveraged Investor-State Dispute Settlement mechanisms through investment treaties to contest government policies, environmental regulations, and laws designed for public welfare.

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MoD Issues Warning About Fake WhatsApp Messages Requesting Donations for Indian Army Modernization

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The Ministry of Defence has issued a warning regarding a deceptive WhatsApp message that solicits donations for the modernization of the Indian Army. This message, which falsely implicates Bollywood actor Akshay Kumar, includes a bank account for donations.

The fraudulent message claims that during a cabinet meeting, the Modi government decided to open a bank account for contributions towards the modernization of the Indian Army and for soldiers injured or martyred in conflict zones. It states, “Another great decision by the Modi government on superstar Akshay Kumar’s suggestion—just Rs 1 per day to support the Indian Army. Yesterday, the Modi government opened a bank account during a cabinet meeting for the Army and soldiers in war zones. Every Indian can donate any amount starting from Rs 1 to an unlimited sum. These funds will also be used to purchase weapons for the Army and paramilitary forces.”

Additionally, the message suggests that if 70% of India’s 1.3 billion population donates even one rupee daily, it would accumulate significant funds—transforming into 100 crores in a day, 3,000 crores in a month, and 36,000 crores in a year. It emphasizes that Pakistan’s annual defense budget doesn’t even reach Rs 36,000 crore and encourages citizens to contribute for the country’s ambition to become a superpower.

In response, the Ministry of Defence has clarified that the account details provided in the message are incorrect, resulting in failed online donations. “Individuals should be vigilant and avoid falling victim to such scams. The government has launched numerous welfare schemes for soldiers who are killed or disabled in active duty,” the statement asserted.

The Ministry highlighted the establishment of the ‘Armed Forces Battle Casualty Welfare Fund (AFBCWF)’ in 2020, which provides immediate financial assistance to the families of soldiers who lose their lives or suffer severe injuries during military operations. The Indian Army, under the Department of Ex-Servicemen Welfare, manages the fund’s accounts. Contributions can be made directly to the Armed Forces Battle Casualties Welfare Fund, with correct bank account details provided in the official announcement.

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Customs Officials Detain Passenger with 2 kg of Gold Bars at Delhi Airport

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Customs officials at Indira Gandhi International Airport in Delhi have apprehended an Indian passenger attempting to smuggle two kilograms of gold bars valued at around Rs 1.91 crore, according to a statement from the Customs Department on Sunday.

The individual, a 40-year-old man from Jaipur, Rajasthan, was flagged by customs officers based on profiling measures. Following his arrival from Dubai on Friday, the necessary legal actions are being taken in accordance with Customs regulations.

The authorities intercepted him at the green channel exit.

Upon conducting an X-ray examination of his luggage, customs officials noticed suspicious images. Although the Door Frame Metal Detector (DFMD) did not signal any alerts for the passenger, a thorough inspection of his baggage led to the discovery of the gold bars.

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Telangana Appoints K. Ramakrishna Rao as New Chief Secretary

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K Ramakrishna Rao, currently the Special Chief Secretary (Finance), has been appointed as the new Chief Secretary of Telangana, set to take over after A Santhi Kumari retires on April 30. Rao, an IAS officer of the 1991 batch, brings extensive experience in state budget preparation.

In a recent reshuffle, several IAS officers were transferred, including Smitha Sabharwal, who served as the Secretary for Youth Advancement, Tourism, and Culture. She has been assigned to the Finance Commission just as the Miss World beauty pageant approaches, marking its first occurrence in the state.

Sabharwal reportedly faced backlash from the Chief Minister due to a Ghibli-style AI-generated image of bulldozers connected to the Kancha Gachibowli issue she shared on her ‘X’ account, leading to police summons. Jayesh Ranjan, formerly the industry secretary, has now taken over her position in the tourism department.

Jayesh Ranjan also steps into the Chief Minister’s office as CEO of the Industry and Investment Cell. Additionally, R V Karnan has been appointed as the GHMC Commissioner, previously known for conducting rigorous inspections and imposing fines on food establishments for hygiene violations.

M Dana Kishore, who was overseeing the Municipal Administration and Urban Development Department, has been transferred to the Labour Department.

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