Background Paper No. 38
By Jeffrey D. Bean and Dhruva Jaishankar
By Udaibir Das
Drawing on the public sector balance sheet literature, the economics of sovereign self-insurance, and the Knightian distinction between risk and uncertainty, this paper argues that conventional sovereign asset-liability management is necessary but incomplete.
Edited Volume
By Rachel Rizzo, Clemens Chay, Kartik Bommakanti, Vasabjit Banerjee, Aleksei Zakharov, Soumya Bhowmick, Arya Roy Bardhan, Jhanvi Tripathi, and Samriddhi Vij
Editors: Sharon Stirling and Eszter Karacsony
By Udaibir Das
More moves of this kind should be expected, extending beyond energy into critical minerals, technology standards, industrial policy, and cross-border finance. The UAE’s decision is not an outlier. It is a marker — not of fragmentation, but of redefinition.
By Divyansh Kaushik and Lindsey Ford
The recent bilateral crisis has caused significant damage, but it has not destroyed the fundamental calculation that brought TRUST into being: the United States and India need each other to maintain democratic technological leadership against authoritarian competition.
By Piyush Verma
By working more closely with India, South Africa, and Indonesia, Brazil can move faster at home, bargain better abroad, and ensure the Global South is not just present but powerful at the table where tomorrow’s rules are written.
By Dhruva Jaishankar
A strong transatlantic bond that for almost eight decades had evolved into a highly integrated defense and economic system among the world’s leading industrial economies – institutionalized under the North Atlantic Treaty Organization (NATO) and G7 – now faces new stresses.
By Anit Mukherjee
With only two months left for the start of the leaders’ summit in Belém, the future of climate action seems to be based more on hope than conviction. A positive outcome from COP30 will require stronger commitment from the global community than what we have seen until now.
By Udaibir Das
Financial surveillance fails when it matters most. Every major financial disruption – from the 1997 Asian crisis to the 2008 financial crisis or recent geopolitical shocks from wars, sanctions and trade realignments – has exposed how blind spots persist in national systems, regional arrangements and global oversight.
By Hsiao-Chen Lin
By pointing out that even Beijing engages with Taipei in similar domains, New Delhi exposed the overreach in China’s narrative. The line was sharply drawn; recognition does not equate to subordination.
By Karan Bhasin
A lesser-known reality of the GST is that it has a total of eight tax slabs, excluding the exemptions. These start at 0.25 and go all the way up to 28 per cent.
By Udaibir Das
In dynamic-system terms, the global economy has shifted from a high-integration equilibrium towards a more fragmented state, but the transition path is still in motion. For financial institutions, the challenge is calibrating marginal gain in resilience against the marginal erosion of competitive advantage.
By Piyush Verma
At a time when multilateralism is under significant stress and global climate finance remains skewed and inequitably distributed, IBSA+Indonesia offers a fresh model of geopolitical collaboration on energy and climate – anchored in shared values and driven by practical action.
By Anit Mukherjee
The Indo-Pacific’s future will be shaped by secure, interoperable digital systems that advance public service delivery, expand financial inclusion, and foster cross-border collaboration.
By Dhruva Jaishankar
In its diplomacy, India has reprioritized its near neighborhood, extending financial, developmental, and trading benefits to other South Asian countries and revitalizing more productive regional institutions.
By Hsiao-Chen Lin
The evolving scenario between India and Pakistan also serves as a timely analytical lens through which Taiwan can assess its own strategic vulnerabilities and prepare more robustly for future contingencies in the Indo-Pacific theatre.
By Udaibir Das
While financial institutions promote debt swaps as ‘win-win’ solutions that address both debt distress and development financing, borrowing countries report a systematic failure in achieving both objectives, revealing an inversion of development finance principles.
By Dhruva Jaishankar
For India, navigating U.S. export controls remains a challenge 20 years since the civilian nuclear agreement was signed.
By Udaibir Das
If climate finance is to support transitions that are durable and inclusive, it must evolve to accommodate precisely these kinds of interventions: institutionally grounded, locally designed and systemically significant.
By Anit Mukherjee
As artificial intelligence (AI) becomes a key enabler of economic and social transformation, the BRICS grouping — comprising both emerging and influential economies — has a unique opportunity to shape the trajectory of AI development through a Global South lens.
By Udaibir Das
As private digital tokens gain ground, existing oversight and payment monitoring frameworks are struggling to keep pace. While regulators debate their response, the market—driven mainly by U.S.-based technology and market actors—is moving ahead.
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