There are even indications that while maintaining a strong public posture of not countenancing investment talks in the WTO, the Ministry of Commerce is keeping its options open and quietly studying its bargaining options in the event that such talks do get on board the WTO.

With momentum building up for WTO talks after the collapse of talks in October in the OECD on a Multilateral Agreement on Investment (MAI), the internal report of the Ministry of Commerce assumes fresh significance.

The report, submitted in April by former commerce secretary A V Ganesan but not publicised, argues that there is no reason for India to seek such an agreement, but that it should engage if talks do get on board the WTO.