In order to provide a structured analysis of this question, this chapter provides a brief overview of the ICSID Convention and some of the criticisms against it. Subsequently, the chapter will trace the history of the ICSID Convention and India's stated position at some of the negotiating stages of the Convention between 1961 and 1965. By comparing and contrasting India's revised position on investment treaties with the ICSID framework, the chapter proposes a path which India might consider in re-evaluating its position on the ICSID Convention. Having addressed the general criticism levelled against the ICSID, this chapter will proceed to examine whether the ICSID Convention can take into account the concerns of countries such as India concerning investment treaty arbitration. Therefore, India's inclusion of the rule of exhaustion of local remedies will be acknowledged by the ICSID arbitrators if it chooses to accede to the ICSID Convention.