Background Paper No. 25
By Ammar Nainar
By Udaibir Das
Fiscal space, financial space and institutional credibility are no longer separable policy domains. They are jointly binding constraints. The IMF flagships document their components but not the mechanism.
By Sujai Shivakumar, Hideki Tomoshige, and Jeffrey D. Bean
India is positioning itself as an increasingly important node in the global semiconductor ecosystem, building on its established strengths in chip design and deep pool of STEM talent. These efforts come at a time when global semiconductor supply chains remain highly concentrated, creating opportunities for India to contribute to diversification and resilience.
By Udaibir Das
Under conditions of armed conflict and state rupture, banking shifts away from decentralized intermediation towards directed, survival-orientated finance. Yet the policy conversation has concentrated on sanctions, commodities and trade — the institutional reorganization of banking under conflict remains less well examined.
By Udaibir Das
Adopted by the National People’s Congress in March 2026, China’s 15th Five-Year Plan does not treat finance as a supporting function for economic growth. It treats finance as a strategic instrument of technological capability.
By Dhruva Jaishankar
For countries around the world — whether allies, partners, or competitors of the United States — there are important and immediate questions of how much and to what degree they will accommodate, or hedge against, the United States’ new approach to the world.
By Udaibir Das
To effectively manage debt and all liabilities, a top-down, country-wide reform is necessary to move towards a comprehensive liability management function.
By Kirat Singh, Tapas Peshin, Shayak Sengupta, Sumil K Thakrar, Christopher W Tessum, Jason D Hill, Inês M L Azevedo and Stephen P Luby
Absolute annual mortality ranges from less than 1 to over 650 deaths/year across units, and the mortality intensity of generation varies from under 0.002 to 0.43 deaths/GWh.
By Tapas Peshin, Shayak Sengupta, Sumil K Thakrar, Kirat Singh, Jason Hill, Joshua S Apte, Christopher W Tessum, Julian D Marshall and Inês M L Azevedo
Higher increases in pollution exposure are seen in scheduled castes/tribes, poor, and rural populations particularly in high coal production states.
By Dhruva Jaishankar
But the biggest obstacle remains China. China alone among the P-5 has not voiced support for the expansion of permanent UNSC seats but often hides behind others in negotiations.
Contribution from the Cyberspace Cooperation Initiative at the Observer Research Foundation America in the context of the seventh substantive session of the Open-ended Working Group on security of and in the use of information and communications technologies 2021-2025 (March 2024).
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