In 1993, shortly after the discovery of the largest scam in the history of the Indian capital markets, the Securities Exchange Board of India (SEBI) banned the use of badla. The badla mechanism, which allowed trades to be carried forward without settlement, based on borrowed shares or cash, had already attracted criticism from such disparate sources as the International Finance Commission and the then-esteemed firm of Arthur Andersen.

If globalization is a game, India would seem to be one of its winners. The past decade has seen India record impressive economic growth and move into fast-moving high tech sectors. Nowhere is this transition more apparent than in information and communication technology (ICT). While China has made a name for itself making ICT hardware, India is known for its prowess in software. Multinational corporations from Microsoft to Adobe have set up R&D centers in India, while home-grown firms like Infosys and Wipro have taken advantage of the outsourcing boom to become global players.

On December 31, 2012, India completed its seventh two-year term as a non-permanent member of the UN Security Council (UNSC), the world’s foremost multilateral institution for the maintenance of international peace and security. At the beginning, many analysts had described this period as an “audition” for a potential permanent seat, much desired by Delhi. By the end, many of the same analysts concluded that India had failed to impress.

Despite profoundly negative health consequences of indoor air pollution, about half of the households in the world cook using solid biomass fuels. The situation is much worse in India where 83 percent of rural households and nearly 20 percent of urban households still use firewood or animal dung as the primary source of energy for cooking. Burning these unprocessed biomass fuels in traditional open fire burners, or “chulhas,” results in an estimated half a million premature deaths and nearly half a billion illnesses each year.

With the emergence of India on the global scene as a player parlayed by the information technology revolution, its aspirations have received a new boost. Aside from being an economic power, it now aspires to be a knowledge power; a center of innovation and creative ideas. However, it is not on track to do so. While India has the resources to make this happen, the absence of fundamental institutional change makes reaching this goal very unlikely.

Women in Independent India have evolved with the flow of history, but it has only been over the last thirty-five years that they have experienced the post-industrial revolution and subsequent positives of globalization. These developments have radically transformed their gender relations at home, the workplace, with peers, and possibly in society at large, quite similar to the kind of social transformations women in the United States experienced in the 1960s.

India, home to four percent of the world’s billionaires, and with approximately four hundred million people living below the poverty line, has both the need and the resources for private philanthropic actors to make a dramatic contribution to its socio-economic development. Two decades of economic liberalization, which has pulled the country into middle income status and opened the doors to growing domestic inequality, has resulted in more pressure on both national politics and domestic sources of redistribution.

On the eve of India’s founding, no one could have imagined how successfully it would come to navigate the international system. At that time, there were legions of skeptics who believed that the half-life of this new country would be measured in years, perhaps decades at most. The question of when India would split apart was one of the staples of public discussion going back to Churchill’s celebrated remark, “India is a geographical term. It is no more a united nation than the Equator.” Since then, legions of commentators believed that it would be a miracle if India survived.

Despite some recent stumbles, most economic and demographic metrics favor India’s growth for several more years. India’s economic expansion is typical; it comes from its current low levels of physical, technological, and human capital deployed and its absorptive power for additional such capital. Although the Indian economy is fairly broad based, it does suffer from some imbalances: the export sector is small, manufacturing is underdeveloped, and there is little high technology industry.

As the United States and India grow ever closer as partners, they cannot escape the challenges posed by Pakistan, which has been a complication in the bilateral relationship between Washington and New Delhi since 1947. The next American President and his Indian counterpart will find it impossible to ignore the dangers and opportunities posed by Pakistan today. Cooperation between Washington and New Delhi on how to deal with these challenges is crucial and fortunately seems to be improving especially as we prepare for the 2014 transition in Afghanistan.