India shining: The Herculean Rise of the Real Asian Tiger
Commentaries

India shining: The Herculean Rise of the Real Asian Tiger

TR

Team Red Lantern Analytica

Directorate of Intelligence

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Gone are the days when India was referred to as a third world country by the Western powers that shaped the global world order.

The diffidence with which India treated other nations at the helm of global affairs has now been replaced with more assertive though assiduous proclamations such as the unambiguous statement of External affairs minister, S. Jaishankar, “Europe has to grow out of the mindset that Europe’s problems are the world’s problems, but the world’s problems are not Europe’s problems”, at the GLOBSEC Bratislava Forum 2022.

Increasingly, now, India is taking center stage at initiating dialogues on critical social, economic and political issues that are raging in the new multilateral power structures which govern international affairs. What was once only a diplomatic and soft power under the non aligned leadership during the Cold War era has now moved to a considerable economic and military power.

In this regard, the year 2023 was epic for India in that it both convened and participated in a host of principal international summits addressing the same.

 In January 2023, India organized the Global South virtual summit, participated in the Quad summit (Japan) and was invited to the G7 meeting in Japan and also attended the BRICS summit in South Africa.

 More importantly, India also hosted two cardinal summits; the China led Shanghai Cooperation Organization (SCO) summit in July and the G20 summit in New Delhi in September, while also being invited to the Asia Pacific Economic Cooperation (APEC) summit in November.

While both US and China eye the Global South as a critical area for expanding their geopolitical clout, India has emerged as a viable alternative for the South Asian developing economies keeping in mind their shared colonial history of exploitation and hard fought freedom struggle.

Moreover, the issues raised by India in the aforementioned international summits further validate the premise that India is all for a multi polar rules-based international order, a striking feature which adds to the appeal of India in the Global South as well as with other developing nations such as in the Middle east and elsewhere.

Take for example, India’s strong recommendation to reinvigorate multilateralism to “adequately address contemporary global challenges of the 21st Century, and to make global governance more representative, effective, transparent and accountable”, in the recently held G20 summit in New Delhi.

As far as the reform of international financial institutions and managing global debt vulnerabilities was concerned, India was unequivocal in stating, “We underscore the need for enhancing representation and voice of developing countries in decision-making in global international economic and financial institutions in order to deliver more effective, credible, accountable and legitimate institutions.

The international finance system must deliver significantly more financing to help developing countries and EMEs to fight poverty, tackle global challenges and maximize development impact.”

Furthermore, for achieving the Sustainable Development Goals (SDG), India affirmed its resolution to mobilize concessional finance to boost the World Bank’s capacity to support low and middle-income countries that needed help in addressing global challenges, with a “clear framework for the allocation of scarce concessional resources, and to provide strong support for the poorest countries.”

As far as the US is concerned, the India-US strategic partnership is at an all time high after the state visit of Prime Minister Narendra Modi in June and the subsequent visit of  President Joe Biden to India in September, where the two leaders affirmed the importance of Quad in “supporting a free, open, inclusive and resilient Indo-Pacific” and President Joe Biden categorically reaffirmed his support for a “reformed UN Security Council with India as a permanent member”.

A few years before, in November 2019, US and India conducted Tiger Triumph (first ever tri service between the two nations), wherein the Indian armed services partnered with US Marines and sailors to rehearse disaster response and humanitarian aid delivery.

India also participates in the U.S.-led Rim of the Pacific (RIMPAC) exercise and trilateral Malabar exercise with the United States and Japan.  These military exercises enhance US-India relations and help create a more stable and secure Indo-Pacific region.

On the technological front, the two nations have signed the U.S.-India Comprehensive Global and Strategic Partnership. In the joint statement, President Biden and Prime Minister Modi congratulated India and ISRO on Chandrayaan’s historic landing at the Southern region of the moon along with the successful launch of India’s first solar mission, Aditya-L1. In this light, NASA and ISRO have commenced discussions on modalities, capacity building, and training for mounting a joint effort to the International Space Station in 2024.

Moreover, for building resilient semi conductor supply chains, Microchip Technology, Inc., would invest approximately US$300 million in expanding its research and development presence in India and Advanced Micro Device’s announced investment of US$400 million in India over the next five years to expand research, development, and engineering operations in India.

The defense ties with the two nations have also deepened with the diversification of the Indo-US Major Defense Partnership, along with LEMOA, COMCASA and Basic Exchange and Cooperation Agreement, allowing for accelerated defense industrial collaboration and cooperation in emerging domains such as space and AI. The commercial agreement between GE Aerospace and Hindustan Aeronautical Limited (HAL) to manufacture GE F-414 jet engines in India will result in an unprecedented advancement of technology transfer and co-production.

India has also emerged as a hub for maintenance and repair of forward deployed US Navy assets, aircrafts and other vessels through the most recent agreement signed by the U.S. Navy and Mazgaon Dock Shipbuilders, Ltd., in August 2023.

As far as climate change is concerned, both the nations have exchanged letters of interest to each provide up to US$500 million to anchor a renewable infrastructure investment fund while jointly supporting a payment security mechanism financed through both public and private funds which shall accelerate the procurement of 10,000 made-in India electric buses including those for the Indian PM e-Bus Sewa program that will also include the associated charging infrastructure.

On the other hand, to counter China’s ambitions in Central and Middle East through the Belt and Road Initiative (BRI), India has countered its diplomacy through other multilateral engagements such as I2U2 wherein India’s economic relations with the UAE have improved through the signing of the Comprehensive Economic Partnership Agreement (CEPA).

Along with the development of the Middle East Food Security Corridor through the I2U2 Partnership, a joint alliance of India, Israel, UAE and the US, the UAE is developing food systems in India and a series of integrated food parks under the Comprehensive Strategic Partnership (CSP) agreements signed in 2017, thereby enhancing cooperation frameworks in maritime transport, freight logistics and food processing.

These will help further reduce India’s water consumption in agriculture and eliminate food wastage through enhanced warehousing infrastructure. For instance, in 2019, the UAE committed US$5 billion to eight food processing units in Madhya Pradesh, Uttar Pradesh and Gujarat and US$2 billion to contract farming, sourcing of agricultural commodities and related infrastructure.

Moreover, at a time when its neighbor Pakistan is ravaged by economic and political crisis and China is beset with demographic problems of an ageing population, the Indian economy is set to touch $7 billion by 2030 and become the third largest economy by 2027, as per Morgan Stanley.

Moreover, both of India’s neighbors are being perceived as threats, Pakistan, as a rogue nation ruled by the army and the ISI, creating, harboring, and sponsoring fringe terrorist outfits such as Al Qaeda, Lashkar-e-Toiba, Jaish-e-Mohammad and the Chinese Communist Party posing a threat to the sovereignty and integrity of several South Asian economies (to control energy security needs and to disrupt trade shipments of other nations) such as Vietnam, Philippines, Brunei and Malaysia in the South China Sea through which one third of the global maritime trade passes. From 2014 to 2016, China has constructed more island surfaces that all other nations in the region and, as of 2016, also placed military equipment on one of its artificial islands unlike other countries, despite the stark UNCLOS ruling against China’s maritime claims.

Also, under the One China Policy, has tried to subjugate Hong Kong by stoking mass protests in the city, cracking down on human rights, censoring independent media, and prosecuting civil rights leaders under the National Security Law. On the other hand, as far as Taiwan is concerned, the CCP, through diplomatic offensives and military coercion has also been trying to appropriate Taiwan’s independence.

At the level of espionage, the CCP poses a grave danger to the national and international property security of every nation including America, Australia, Taiwan, India and more, by stealing sensitive cyber technology and defense information and data for decades. Given such a nefarious historical background of its immediate competitors, India is best placed to replace China as the next best alternative for economic, military, cyber and technological partnership while providing the same mechanics which made China popular; cheap labor and a huge, aspiring market gearing ahead for accelerated growth and development.

In summary, the time has come for the world to witness India’s departure from a regional, sidelined economy, to the majestic Asian tiger it has always been: a strong, resilient and powerful nation, spearheading the world’s international affairs without any uncertainty and hesitation.

 

Author:
Gaurav Sharma 

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COMMENTARIESAUGUST 20, 2026
01

Evergrande’s Fall Exposes the Deeper Fault Lines in China’s Property-Led Growth Model

The sentencing of Hui Ka Yan, Xu Jiayin, founder of the China Evergrande Group, to life in prison marks the conclusion of more than just the fall of one of China’s biggest businessmen. Hui was found guilty of eight offenses, including fraud, misappropriation of funds, securities violations, and bribery. Evergrande, formerly the largest real estate developer in China by contracted sales, turned to almost all of its $300 billion plus liabilities. Hui’s trial may mark the end of a significant legal case, but the Evergrande case does not end the massive economic case Evergrande came to represent. China’s real estate bubble was not a tale of just increasing house prices. It involved a tightly connected system of households, developers, banks, and local governments. Property became the main wealth purchasing and saving vehicle for Chinese households. In a survey by the People’s Bank of China, 59.1% of urban households’ assets were held in the form of housing, and the home ownership rate was 96%. Increasing house prices had an effect beyond an increase in construction. House prices had a positive effect on household wealth perceptions, confidence, and consumption. For developers, the system was designed to incentivize expansion. Land was bought and presold apartments, loans made it possible for developers to start new projects, and growing property evaluations enabled more borrowing. Evergrande was one of the developers who pushed the system the farthest. It can be described as the “three highs” consisting of high turnover, high costs, and high leverage. Evergrande’s model was to raise capital, buy land on a massive scale, and begin development while also borrowing against their land and starting the cycle over. So long as lenders continued to lend and buyers continued to buy, investors and developers alike continued to benefit from the cycle and the land and housing prices continued to grow. Local government interests were aligned with the developers. After the 1994 tax-sharing reform, the central government gained more revenue, leaving local governments shouldering a greater financial burden. To offset some of the burden, local governments sold land to developers and used land as collateral for loans. By 2019, it is calculated that local governments’ reliance on land finance was at 38.6 percent, with over 50 percent in many large cities. Property prices and local government finance and debt fuelled a cycle of increasing infrastructure spending. This outlines how vital property investment became for China. The IMF put the contribution of property to the economy at up to 20 percent. However, this number does not even come close to capturing the extent of property’s reach. Building property creates the need for the transport of raw materials. That includes steel, cement, and glass, as well as the machines to build the property, appliances, and furniture. Glass and machinery need to be transported using logistics and financial services. Property building employs contractors. Developers take out mortgages and corporate loans. Local governments earn money from the sale of land. So, property not only includes one of many sectors of the economy, but becomes a complete economic system. It becomes very clear how this system would collapse if the opposite of what is expected were to occur. This is the nature of a bubble. Every apartment does not become worthless. It means that the cost of the property, along with construction and the loans used to finance the purchase, became more dependent on whether people thought the price and demand for property would continue to rise. If people begin to think the cost of property will fall, then the same thing happens in the opposite order. Buyers will delay purchases, developers will not earn presale income, government revenue will fall, and banks will be more cautious of extending loans. Beijing recognized the risks so they began to tighten financial regulations starting in 2016. In 2020, The “Three Red Lines” Framework was established. Beijing’s goal was to limit debt for highly leveraged developers. From a macroeconomic standpoint it was necessary to limit debt. The problem was that leverage had become endemic throughout the system. It was really wishful thinking that it would discipline poorly managed developers because it made the business models of other driven companies more dependent on constantly selling new property and taking out new loans to continuously refinance debt. Evergrande exemplified the most famous case of China’s real estate collapse. Their failure impacted far more than themselves. Suppliers weren’t getting paid, construction companies went bankrupt and halted their projects, buyers had to wait to get their newly financed homes, and the creditors began to doubt the feasibility of their investments. Media states that Evergrande’s liquidation is slow and only $255 million of assets were sold by August of 2025 with claims against those assets totalling $45 billion. The possibility of China suffering a sudden replication of America’s 2008 “Lehman moment” is low. China’s financial system is more state-controlled, and the major banks are capable of being directed to provide support. Further, the capacity of Beijing to avoid excessive failure is far higher than the capacity of America at that same part in its history. The more likely threat is a prolonged balance-sheet adjustment where weakness in the property market will slow economic activity for many years. This trend continues through 2026. In July, Chinese new-home prices fell by 3.2% compared to the previous year. Of the 70 cities monitored, only 17 showed an increase in prices from the previous month. The first 7 months of the year also showed declining trends in property sales, investment, and new construction. During this period, the revenue of the Chinese government from land sales declined by 31.5% and was recorded at 977.8 billion yuan. These figures show a weakening trend in property and reflect declining private investment and local government finances. This trend is most problematic for households. When the primary investment of a household falls in value, households become more conservative. Household wealth falls and household members that own houses feel poorer, even if they have no intention of selling.

TR
Team Red Lantern AnalyticaAnalyst
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COMMENTARIESJULY 25, 2026
02

𝐀 𝐃𝐢𝐯𝐢𝐝𝐞𝐝 𝐇𝐨𝐮𝐬𝐞 – 𝐋𝐞𝐠𝐚𝐜𝐲 𝐯𝐬 𝐑𝐞𝐚𝐥𝐢𝐭𝐲: 𝐅𝐫𝐚𝐜𝐭𝐮𝐫𝐞 𝐢𝐧 𝐍𝐒𝐂𝐍 (𝐈𝐌) & 𝐑𝐢𝐬𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐢𝐯𝐚𝐥 𝐏𝐫𝐨𝐯𝐢𝐬𝐢𝐨𝐧𝐚𝐥 𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐢𝐧 𝐌𝐲𝐚𝐧𝐦𝐚𝐫

N𝐞𝐰 𝐏𝐮𝐛𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 | 𝐑𝐞𝐝 𝐋𝐚𝐧𝐭𝐞𝐫𝐧 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐚 Red Lantern Analytica presents a new strategic analysis: “𝐀 𝐃𝐢𝐯𝐢𝐝𝐞𝐝 𝐇𝐨𝐮𝐬𝐞 – 𝐋𝐞𝐠𝐚𝐜𝐲 𝐯𝐬 𝐑𝐞𝐚𝐥𝐢𝐭𝐲: 𝐅𝐫𝐚𝐜𝐭𝐮𝐫𝐞 𝐢𝐧 𝐍𝐒𝐂𝐍 (𝐈𝐌) & 𝐑𝐢𝐬𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐢𝐯𝐚𝐥 𝐏𝐫𝐨𝐯𝐢𝐬𝐢𝐨𝐧𝐚𝐥 𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐢𝐧 𝐌𝐲𝐚𝐧𝐦𝐚𝐫.” Authored by Lt. Col. Ujjual Abhishek Jha, DCPP (Retd.), this examines the recent organisational split within NSCN (IM), the emergence of the Eastern Flank-led Provisional Government, and its implications for the Naga peace process, cross-border insurgency, and India’s security landscape in the Northeast. Download Link: A Divided House Legacy vs Reality Fracture in NSCM-IM and Rise of the Rival Provisional Government in Myanmar

TR
Team Red Lantern AnalyticaAnalyst
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COMMENTARIESAUGUST 21, 2025
03

Reimagining Oman as an Indian Ocean Green Hub: Looking at a Post-Carbon Future

The few stereotypes that persist regarding the Gulf are of its importance as a hydrocarbon centre over the past eight decades, since Bahrain and Saudi Arabia struck Oil in the 1930s. Oman, in comparison, struck Oil in Fahud in 1962, and shipped its first container from Mina Al Fahal in 1967. The oil revenues formed the bedrock of rebuilding the country during the 1970s, during which the Dhofar rebellion was still on. Oman is a Shell country, like Brunei, where Shell has been strategic in the country’s hydrocarbon exploration through a major stake in Petroleum Development Oman, or PDO, as commonly known. Many PDO employees have worked for Shell Brunei and Shell Sarawak as a part of their career circulations in the global MNC network. Oman was never a massive producer of petroleum as its wealthier neighbours in the GCC, even though its natural gas imprint is significant. Natural Gas is a key transition fuel, and Quriyat LNG in Sur has many long-term contracts with Korea, China, and Japan. However, Oil and Gas still form a major chunk of the GDP in Oman. Diversification has been on the agenda since the late 1980s, as localisation has always been a priority. Years of peak oil prices have led to the creation of avant-garde infrastructure and the education of a couple of generations overseas on scholarships, which was a byproduct of oil income. Now, the scenario has evolved as Oman’s population has increased, and the youth seeking work is often the refrain, as gauged from the comments section in the social media feeds. The cause of the Arab Spring protests in Sohar was corruption and lack of jobs, which led to a few heads turning. The post Sultan Qaboos era, under the able leadership of His Majesty Sultan Haitham Bin Tarik has moved towards diversification in a major way, seeking relationships far and wide. His Majesty has had meetings with the Dutch Leadership, President Putin in Moscow, Prime Minister Modi in Delhi, and the UK Minister Starmer within the past few months. The rich legacy of Oman being the Switzerland of the Middle East helps in its vital role in mediating the Yemeni crisis and as a trusted participant in the Iran paradigm, helps. Oman also controls half of the crucial Straits of Hormuz. Ibadhi Oman’s history as a littoral maritime empire has its long shadow in the present. Muscat is a diverse place, full of Zanzibaris, Baluchis, Ajmi’s, Lawati’s, and Hindu Bania’s, and other communities who were a part of the Omani imperial grid. The strategic culture of the Omani elite is transnational, with many Omani having ties across East Africa to Africa. Pankaj Khimji, an advisor to the Omani government, is a key Bania interlocuter between Muscat and Delhi via Mandvi. India and Oman have finalised the FTA negotiations recently. Aden was governed by the Bombay Presidency until 1937. These close ties entail prospects of power being exported to India/ Pakistan/East Africa via a subsea cable in the future. The engineering and program management excellence achieved by the national building efforts of PDO, especially in terms of talent development for the renewable sector, over the past decades. The first solar project was helmed by PDO as seen in the Amin Solar project. This is similar to the Aramco State, where the best expertise in Saudi Arabia lies with the engineers in the oil major. A glimpse of it was illustrated in Ellen R Wald’s book[1], which showed the role National Oil Companies have played in nation-building. Oman’s location as an Indian Ocean actor was confirmed with it hosting the Indian Ocean Conference this year in Muscat, where Member of Parliament Naveen Jindal ji spoke. Jindal operates one of the largest steel mills in the Middle East in Sohar. The ACME Group is coming up with a green hydrogen facility in the special economic zone in Duqm on the Arabian Sea coast. Duqm is also home to a naval base, which plays host to many navies, as it is close to the Horn of Africa piracy corridor. The green hydrogen corridor in Al Wusta and Dhofar is underway as ACWA Power from Saudi Arabia is investing in a green hydrogen facility in the southern Dhofar region. Another ACWA Power project in the form of Ibri 2 IPP is a project I know rather intimately. I was the lead social specialist for an impact assessment report for a multi-million-dollar 500MW solar park on the Saudi border. Long-term migrant workers from South Asia were identified as camel farmers in the desert on project land., However, during a recce visit and after speaking to long-term migrant workers looking after camels, we discovered that they were extremely precarious, relying on a solar-powered battery charger for mobile phones and to light a bulb. These workers, who were heavily reliant on precarious work, were being moved away from their off-grid homes to build a Chinese-funded solar park in relatively prosperous Oman. The irony was not lost on me. Globally accepted ESG governance norms kicked in, the move triggered an independent Resettlement Action Plan for these workers. Climate and Local developmental politics intersect in the middle of nowhere. The Beijing-based Asian Infrastructure Investment Bank or AIIB is the backer for the Ibri 2 Project, and Chinese contractors were the hands on Ibri 2. Belt and Road is right on our doorstep. Indian Engineers and Consultants work on these Chinese-funded projects as the technical hands behind the scenes. There are numerous other solar projects in the pipeline in the Wilayat of Manah. These areas are close to the Saudi Border and could be a part of an integrated GCC power grid. Oman’s great strength in terms of land needed for renewable projects is a plus, along with its positioning between the Gulf, South Asia, and East Africa, which makes it an Indian Ocean Green Hub[2] in the making. [1] https://www.amazon.in/Saudi-Inc-Arabian-Kingdom%60s-Pursuit/dp/168177660X [2] https://mem.gov.om/en-us/Our-Business/Renewable-Energy-and-Hydrogen/Renewable-Energy-and-Hydrogen-Projects Authored By: Manishankar Prasad PhD Scholar, University of Malaya

TR
Team Red Lantern AnalyticaAnalyst
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