Bangladesh

India

Economics

Politics

Bangladesh's financial adviser unveiled a 7.9 trillion taka ($64.96 billion) national budget that aims to revive the economy while reducing the fiscal deficit to 3.6% of GDP from the current 4.6%, Bloomberg reported on June 2.

Bangladesh: Government Unveils Budget, Tribunal To Try Ousted Prime Minister, Banned Party Regains Status

Military & Security

India's Home Minister Amit Shah announced on May 21 that Indian security forces earlier the same day killed Communist Party of India (Maoist) General Secretary Nambala Keshava Rao alongside 26 other Maoist rebels during an operation in the central state of Chhattisgarh, making Rao the highest-ranking Maoist killed by Indian forces in decades, the Financial Times reported May 21.

India: Government Announces Killing of Top Maoist Leader

Pakistan

Indian Prime Minister Narendra Modi ruled out dialogue or trade with Islamabad and pledged to make Pakistan's military and economy "pay a heavy price" for any aggression on Indian soil, Bloomberg reported May 22.

India, Pakistan: Modi Rules Out Talks and Trade With Islamabad, Pledges To Withhold Water

Pakistan's military on May 21 accused India of "plann[ing] and orchestrat[ing]" a suicide bombing earlier the same day that targeted children on their way to a military-run school in Pakistan's restive southwestern province, killing some five people and wounding 38 others, AP reported on May 21.

Pakistan, India: Islamabad Claims Suicide Bombing Targeting Schoolchildren Had Links to India

Energy

Environment, Science & Technology

Science & Technology

India is reportedly exploring ways to significantly boost its use of water from a key river system that sustains agriculture in Pakistan, Reuters reported on May 16.

India, Pakistan: New Project on Indus River Could Sharply Reduce Water Flow to Pakistan

India and Pakistan announced May 10 that they had reached a ceasefire deal -- facilitated in part by international pressure from countries including the United States, Saudi Arabia and Turkey -- hours after the two sides' dayslong clashes escalated sharply following kinetic exchanges targeting each other's military assets, AP reported May 10.

India, Pakistan: Ceasefire Announced Following Sharp Escalation

Pakistan's military spokesperson, Lt. Gen. Ahmed Sharif Chaudhry, said India targeted three of Pakistan's air force bases: Nur Khan in Rawalpindi, Murid in Murid and Rafiqui in Shorkot, all of which are in Punjab province, DW reported on May 9. 

India, Pakistan: Islamabad Says India's Military Struck Pakistani Air Bases, Including in Rawalpindi

The International Monetary Fund's executive board will conduct the first review of Pakistan's $7 billion bailout program, Arab News reported on May 9.

Pakistan: IMF Executive Board Review Scheduled for May 9

Assessments

United States

Turkey

China

Europe

Russia

The Geopolitics of Trade

Global Trade

Turkey's export strategy necessitates trade partnerships with countries in many different spheres of influence, portending both risks and opportunities as Ankara attempts to maintain its neutral middle-power status.

The Geopolitics of Trade: Turkey's Export Strategy Hinges on Neutrality

Media

Podcasts

Will the cease-fire between the two countries last?

Essential Geopolitics: The Outlook for India-Pakistan Relations

India's evolving trade strategy aims to boost key exports while protecting sensitive sectors, reflecting a blend of liberalization and long-standing protectionist instincts.

The Geopolitics of Trade: India

The Bombay Stock Exchange building May 7 in Mumbai, India. If military hostilities were to resume and lead to a prolonged conflict, Pakistan would be far less well-positioned than India to sustain it from an economic and financial perspective.

If military hostilities were to resume and lead to a prolonged conflict, Pakistan would be far less well-positioned than India to sustain it from an economic and financial perspective.

The Economic Case for an India-Pakistan Ceasefire

Snapshots

Indian soldiers pay respect during a wreath-laying ceremony for a soldier who was killed during a cross-border firing between India and Pakistan, in Jammu on May 12, 2025. 

While the near-term threat of severe escalation has waned, ongoing tensions over thorny issues like Kashmir and water-sharing will sustain the risk of cross-border flare-ups.

Amid India and Pakistan's Tenuous Ceasefire, Future Flare-Ups Remain Possible

Soldiers and onlookers inspect the debris of a mosque damaged by Indian strikes in Muzaffarabad, the capital of Pakistan-administered Kashmir, on May 7, 2025. 

While a full-scale conflict remains unlikely, escalating tensions will increase security risks in both countries, including travel and business disruptions, nationalist protests, potential militant attacks, and increased cyber threat activity.

India's Retaliation for Kashmir Attack Will Provoke a Pakistani Response

An Indian paramilitary trooper patrols a market area in Pahalgam, south of Srinagar, in India-held Kashmir, on April 29, 2025. 

India will likely soon launch limited military strikes against Pakistan in retaliation for the deadly April 22 Kashmir attack, raising the risk of escalation despite both sides' desire to avoid a full-scale war.

The Drivers and Constraints to a Wider India-Pakistan Conflict

Canada

Iran

Italy

Ukraine

Indian soldiers stand guard atop their vehicle in Srinagar, India, on April 23, 2025, following a deadly militant attack on tourists in Indian-administered Kashmir.

U.S.-Iran Relations

A look at what the coming week will bring -- and a list of recommended RANE articles from the week that was.

The Weekly Rundown: Escalating Pakistan-India Tensions, Canadian Elections and Pope Francis' Funeral

Will India be able to stay on track for its growth goals?

Essential Geopolitics: The Outlook for India's Economy

An Indian paramilitary serviceman keeps watch in Pahalgam, south of Srinagar, on April 23, 2025, following a deadly attack in Indian-administered Kashmir. 

India and Pakistan's exchange of tit-for-tat diplomatic and economic moves is raising the risk of a military escalation, while also fueling domestic unrest due to rising nationalist sentiment in both countries.

India-Pakistan Tensions Surge Following Deadly Kashmir Attack

Sri Lanka

A general view shows Sri Lanka's Colombo port on April 9, 2025.

Textile exports from Bangladesh, Sri Lanka and Pakistan will suffer under new U.S. tariffs, worsening economic hardships and risking political instability.

South Asia's Textile Industry Reels From U.S. Tariffs

Pedestrians walk past a broadcast screen of the Bombay Stock Exchange (BSE) in Mumbai on April 3, 2025, airing news of U.S. President Donald Trump unveiling sweeping new trade tariffs. 

If implemented, Trump's threatened 27% tariff would severely hurt certain Indian sectors (e.g., pharmaceuticals), though other sectors (e.g., textiles) could benefit if India's main competitors end up facing even higher tariffs.

For India, High U.S. Tariffs Offer a Mixed Bag

<p>India is endowed with favorable geographic barriers. Surrounded by oceans on three sides and the formidable Himalayan Mountains to the north, what is now modern India has been free of outside interference for much of its long history. Its large geographic size and population, coupled with weaker peripheral nations on much of its boundaries, have allowed India to become the dominant force in South Asia. Home to the world&rsquo;s second-largest population, India&rsquo;s 1.3 billion people are spread out across the peninsular nation, from the foothills of the Himalayas to the tropical south. India&rsquo;s population core is settled along the Ganges river basin, a densely populated swath of fertile land that extends across the northern Himalayan border. India&rsquo;s primary geographic challenge comes from a lack of strong internal boundaries. Modern-day India struggles to rectify the ambitions of a relatively weak national government that competes with the prerogatives of strong, diverse states &mdash; a legacy of a long history of domestic infighting between various dynasties uninhibited by mountains or other defining geography. A similar lack of defining geography still plagues India&rsquo;s northwest border. Waves of Greek, Persian, and Mongols invaded, culminating in the Mughal Empire, which united much of the subcontinent prior to British conquest. The northwestern border still poses national security risks, due to ongoing disputes with Pakistan. But rising domestic consumption means India is increasingly dependent on imported goods from distant suppliers. Surrounded by water or impassable mountains, New Delhi now faces the additional task of developing naval capabilities to secure its critical supply routes, risking maritime tensions with China in the broader Indo-Pacific basin.</p>

SITUATION REPORTS

Bangladesh: Government Unveils Budget, Tribunal To Try Ousted Prime Minister, Banned Party Regains Status

India: Government Announces Killing of Top Maoist Leader

India, Pakistan: Modi Rules Out Talks and Trade With Islamabad, Pledges To Withhold Water

Pakistan, India: Islamabad Claims Suicide Bombing Targeting Schoolchildren Had Links to India

India, Pakistan: New Project on Indus River Could Sharply Reduce Water Flow to Pakistan

India, Pakistan: Ceasefire Announced Following Sharp Escalation

India, Pakistan: Islamabad Says India's Military Struck Pakistani Air Bases, Including in Rawalpindi

Pakistan: IMF Executive Board Review Scheduled for May 9

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