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In September 2025, Saudi Arabia signed a comprehensive defence pact with Pakistan not long after an Israeli missile attack on Qatar. While driven by broader geopolitical shifts, this was not an isolated gesture of goodwill. Since 2024, Saudi Arabia has concluded 34 bilateral agreements with Pakistan, amounting to over US$2.8 billion in commitments across various sectors. This renewed financial engagement marks a steady recovery from the setback i

Thailand is one of the few developing countries in the world that have successfully implemented Universal Health Coverage (UHC). Beginning three decades ago, Thailand’s UHC first covered the poor, then the near-poor, the formal sector employees, and the children and the elderly, through various publicly funded and contributory schemes until it reached 71 percent of the entire population in 2000. The government elected in 2001 implemented full-p

Uncertainty in financial arrangements is crippling and its trauma lingers. The good news is that this sell off is temporary. Stock markets are now back to where they were just two weeks ago.

Agriculture remains the primary sector of the Indian economy. While it accounts for merely 16 percent of the country’s GDP, approximately 43.9 percent of the population depends on it for their livelihood. In recent years, indebtedness, crop failures, non-remunerative prices and poor returns have led to agrarian distress in many parts of the country. The government has come up with various mechanisms to address these issues: insurance, direct tr

Digital financial services have benefits but pose privacy risks that harm consumers, merchants, markets, and nations alike. Some payments systems in India suffer from vulnerabilities because they were not prospectively designed on the basis of the ‘privacy by design’ principle. At the back-end, the centralised storage of data is risky. At the front-end, faulty capture devices enable data misuse. Across the middle mile, data is transmitted wit

The privatisation of railway operations has been a subject of intense debate in India, particularly in the context of improving efficiency, service quality, and financial sustainability. This brief examines the ongoing privatisation initiatives in Indian Railways, assessing their potential benefits and challenges. It explores case studies to understand the implications of privatisation, drawing lessons from successful models in other parts of the

The ISIS has suffered very heavy casualties while defending Raqqa and their military and financial assets stand heavily degraded.

Conflicts between central banks and governments are embedded in the evolving discourse of every democracy. The recent discord between the Reserve Bank of India (RBI) and the Ministry of Finance (MoF) is neither the first nor likely to be the last. Institutionally, once a disagreement between the RBI and the MoF crosses the Rubicon, the government has the power to overrule the central bank’s decisions. Moreover, such a structure is not restricte

The COVID-19 pandemic has made clear that global health crises are geopolitical events with far-reaching and long-lasting effects across the globe. It creates prodigious disruptions across economic, security, and social sectors, with spillover effects through trade, financial linkages, and tourism, to name the least. This essay argues that as the American-led order in Asia arguably falters, instead of China rushing to fill the post COVID-19 vacuu

The international community has been engaged in negotiations around climate finance for three decades now, and working definitions continue to assign the role of funder to advanced economies, and that of recipient, to emerging ones. This brief makes a case for expanding such narrow definitions. It calls on countries such as India to re-imagine not only the idea of climate finance but also the mechanisms of raising funds and the channels f

This brief examines the transformative impact of India's ‘Startup India’ initiative, launched in 2016, on the country’s entrepreneurial landscape. Driven by the presence of digital infrastructure and government support, India's startup ecosystem has seen exponential growth in the recent years. Today, the country has some 159,000 startups and a notable number of unicorns, positioning India in third place in the global startup ecosystem. Star

In August 2019, the Reserve Bank of India (RBI) released its final guidelines for a regulatory sandbox for fintech firms.[1] Technology innovations are disrupting the traditional financial sector, and the RBI’s regulatory sandbox exercise is an attempt to be more agile and absorb some of this disruption. ‘Sandboxes’ give regulators a chance to work with fintech innovators, mitigate potential risks and develop evidence-based policy, while fi

The effect of the 15th anniversary of China’s accession to the World Trade Organization (WTO) and the expiry of several provisions of its WTO Accession Protocol was the object of heated debate between major trading partners in 2016. Yet the question of China’s graduation to the market-economy status, and its implications on the anti-dumping investigations in the importing countries, remains. This paper explores the divergent legal interpretat

India, the world's most populous nation could also be its new industrial hub

As the frequency and impacts of climate events increase, demand for adaptation at the local level becomes urgent. The adaptation finance received from developing and least- developed countries is estimated to be less than USD 25 billion per year, which is exponentially less than the required amount of USD 215 billion per year. Further, the evidence indicates that less than 10% of global climate finance reaches the local level. Local communities l

आव्हानांवर मात करण्यासाठी SDG 4 लक्ष्यांना आणि तरुणांना सक्षम करण्यासाठी व्यापक शैक्षणिक सुधारणा आवश्यक आहेत. तरुणांना पुढे नेण्यासाठी संधी देण्यासाठी हे प्रयत्न आवश्यक

Many of the phenomena go back to the financial crisis of 2008, the biggest shock to the global economic system since the 1929. Nine years after 1929, a nervous, pessimistic and Hobbesian world was plunged into war. 2017 is nine years after 2008.

Social protection is crucial in tackling extreme poverty and ensuring equitable development, thus catalysing the transition to a more stable and robust economy. About 50 percent of India’s economy hinges on its informal workers, who comprise 90 percent of the country’s total workforce. Yet, these informal workers continue to be excluded from current social-protection schemes, leaving them with no social or financial safety net and trapping th

National Security Advisor (NSA) M K Narayanan is of the view that the Liberation Tigers of Tamil Eelam's international financial network is intact. He said that the epicentre of the separatist Tamil movement can turn out to be Tamil Nadu.

The crises in Sri Lanka and Pakistan are raising questions about the relevance and the costs of their reliance on the alternative financial system provided by China’s Belt and Road Initiative

The woes of the financial sector emanate from sick industries which are unable to pay their debt. It would be best to roll out a non-judicial version of the 4R (recognise, restructure, resolve, reform) approach.

The Sustainable Development Goals (SDGs) are the first truly global attempt to set universal development goals for all countries and transform the economic system. More than halfway through the timeline of achieving the SDGs, the COVID-19 pandemic and a series of subsequent crises have dealt a deathblow to the SDGs. A massive financing gap is the primary obstacle to the achievement of the global goals by 2030. This brief argues that the G20, with

The Union Cabinet announced in June this year the Agnipath scheme, designed to recruit youths into the Other Ranks (ORs) of the Indian armed forces. The scheme, which came into effect immediately, will enable new recruits, or Agniveers, to serve in the military for four years. While the stated aim is to turn the Indian military into a younger and more tech-savvy force, this brief argues that there is also a strong financial imperative beh

This paper dissects the persistent credit crunch that has provoked recent debates on the autonomy of India’s central bank. It tracks the trajectory of the liquidity squeeze, beginning with the wariness of public sector banks to provide credit to high-risk sectors as bad loans mounted. Yet these banks were continuing to provide loans to the NBFCs (non-banking financial companies), which were in turn extending loans to the high-risk sectors (such

Despite a seemingly endless supply of and demand for private credit, the rapid expansion of the market has been a cause of concern for some regulators and executives. Should investors be worried? This brief explores certain aspects of private credit that warrant a close look—including the retailisation of the market and the current interest rate environment. It highlights the implications for financial stability, including the potential for fin

The new Digital Personal Data Protection Act (DPDPA) is market-friendly but is lacking in attention to privacy requirements for sensitive personal data. This report highlights three types of sensitive personal data—i.e., biometric, financial, and health—and emphasises the need for transparent consent mechanisms that will safeguard an individual’s data. It underscores the role of data fiduciaries, urging the formulation of clear operational

The adoption of digital payments has risen exponentially over the past decade in many countries including India and those in the African continent. In India, the growth has run parallel to rapid mobile penetration, aided by initiatives like Aadhaar, the Unified Payments Interface (UPI), and IndiaStack, as well as the unintended push factor created by demonetisation in November 2016. This brief discusses the landscape of fintech—‘finan

The global climate finance architecture tends to restrain emerging economies from mobilising and accessing global private commercial capital for energy transition. This brief explores the different global financial regulations that influence climate capital flows between countries, and argues that institutions must enhance their role in facilitating the optimal allocation of capital. It evaluates the role of Multilateral Development Banks from a

Structural changes need to be brought to allow different financial sectors to invest in the green future of developing nations.

Global supply chains are being restructured to achieve distinct geopolitical goals, given the strategic vulnerability of such networks due to being controlled by a few nations. Countries that are prominent sourcing hubs for some supply chains could potentially ‘weaponise’ their economic influence for larger geopolitical gains. This brief argues that although multiple global efforts have been initiated to address such threats, efforts

In an effort to financially hobble Iran, the United States mandated nations to halt their imports of crude from the country by early November, or else risk attracting sanctions themselves from Washington. Not long after, the US announced that eight nations will be exempted from these sanctions, supposedly in recognition of their effort to cut down on their imports of Iranian oil. This brief argues that while it is true that certain countries did

The United States (US) and the European Union (EU) have shifted beyond market-led climate action toward state-backed green industrial policy, driven by competitiveness, economic security, and technological leadership concerns. Despite differences in approach, Atlantic strategies share an inward focus that positions the Global South primarily as a consumer market or supplier of intermediate inputs. Such models are politically unsustainable for dev

The recent bailout underscores how the international system continues to accommodate a geopolitically pivotal yet structurally fragile state

The post-GST Municipal Corporation of Greater Mumbai (MCGM) Budget of 2018–19 was the first to contend with the abolition of octroi, which was previously its largest and most robust source of revenue. One year after the introduction of the General Services Tax (GST) by the central government, the MCGM has been forced to find new financing sources. While the state government of Maharashtra has assured that the loss of octroi will be compensated,

This paper highlights the likely impact that the Trump energy policy reset may have on Washington’s approach to energy transitions domestically and globally. It seeks to identify any recalibration that this changed approach may have triggered in the long-term agenda of US partners. The paper focuses on the United Arab Emirates (UAE)—a country that has substantiated its commitment to clean energy pathways with sizeable investments of political

India’s Digital Public Infrastructure (DPI), known as India Stack, has not only had a profound impact on the country’s economy but also has potential significance for global economic integration. This brief elucidates how this framework has facilitated financial inclusion, spurred innovation, and propelled economic growth in India. It highlights the foundational role of the India Stack in transforming the country’s financial landscape, and

The Observer Research Foundation (ORF), in partnership with the Foreign and Commonwealth Office of the United Kingdom, organised a multi-stakeholder workshop on the 'International Rules-Based Governance' on March 15, 2013. The objective of the workshop was to arrive at a better understanding of the order of priorities for India within the international rules-based architecture.Three areas of focus were identified, namely: Corporate governance ben

The sudden and spectacular rise of the ISIS as a rival to the Al Qaeda, their brutal efficiency and zeal have led to some analysts seeking more answers about their rise and generous financial and material support beyond that which has come from the Saudis, Qataris and Turks.

India’s financial aid to the Philippines to fight the Islamic State signals a reworking of its Asean outreach

The National Rural Livelihoods Mission was launched in June 2011 to create institutional platforms for the rural poor, enabling them to increase household incomes through livelihood support and access to financial services. This brief evaluates the achievements of the programme in its first 10 years. It finds that the Mission has met with some successes in improving the lives of rural women, who are the backbone of the programme, and consequently

The failure of global finance to create a bridge between savings that earn low returns in the global north and the projects that would create much-needed infrastructure in the global south has caused a crisis that needs the attention of global regulators. Among the multiple causes of this crisis is the stringent regulatory response to the 2008 financial crisis, including new lending norms for banks; the tardy response of institutional investors t

As India places the Mekong sub-region among its priorities under the country’s ‘Act East’ policy, the ongoing India-Myanmar-Thailand Trilateral Highway project––currently the only land connectivity project between India and the Mekong countries and the wider Southeast Asian region––could prove to be a game changer. It is imperative to explore ways to ensure early completion of this strategic communication link. This paper focuses on

Climate change is a global commons problem requiring concerted actions by all. While recognising this, the United Nations Framework Convention on Climate Change has also acknowledged the principle of ‘common but differentiated responsibilities and respective capabilities,’ which assigns greater responsibilities to developed countries in mitigating greenhouse gas (GHG) emissions and reducing their carbon footprint. There have also been deliber