A new report by Nirupama Rao, former Indian Foreign Secretary and distinguished Indian Foreign Service (IFS) officer, argues that India must not approach the current era of global disruption defensively — and that the country possesses the economic, diplomatic, and intellectual capacity to actively shape the future of globalisation and multilateralism. The report, published in India Narrative, was timed to coincide with the Asia Economic Dialogue in New Delhi.

India as a Pivotal State

Rao describes India not merely as a middle power but as a pivotal state. "We have the capacity — economically, diplomatically, and intellectually — to influence that outcome. Not alone, of course, but as a pivotal actor," she writes. India, she argues, retains credibility among developing countries, participates in Western-led initiatives while maintaining strategic autonomy, and possesses demographic vitality, technological talent, and a growing diplomatic footprint.

This positioning, Rao notes, presents both an opportunity and a responsibility. "India cannot control global turbulence, although it can shape its trajectory," she writes.

Why the World Feels So Turbulent

The report identifies a structural shift in the global order: the assumptions that underpinned global politics and economics for three decades after the end of the Cold War are, in Rao's words, shifting beneath our feet. Geopolitics has entered the bloodstream of economics — trade has become strategic leverage, technology has become sovereign territory, finance has become an instrument of coercion, and supply chains have become battlefields.

The report characterises the current transition as inherently unstable. The United States remains the preeminent military and financial power. China has emerged as a comprehensive economic and manufacturing powerhouse, increasingly assertive and capable of projecting power. Russia is described as militarily disruptive, middle powers are more ambitious, and the Global South is more vocal than at any point in recent history.

Geoeconomics Beyond Globalisation

Rao argues that the theme of Geoeconomics Beyond Globalisation is not rhetorical but diagnostic. Economic policy is increasingly intertwined with strategic competition. "Trade restrictions, technology export controls, investment screening, sanctions — all these tools, once considered primarily economic, are now instruments of geopolitical statecraft," she writes. Major powers are no longer merely competing for markets; they are competing for technological primacy, supply chain control, and normative influence.

India's Stance on Multilateralism

The report makes a pointed case for reform over retreat on multilateral institutions. "India has historically valued multilateralism not as an abstract ideal but as a practical necessity. Rules-based cooperation gives developing countries voice and leverage. Reform, not abandonment, should therefore be our guiding principle," Rao states. This comes amid growing global debate about the efficacy of institutions such as the World Trade Organization (WTO) and the United Nations, which critics argue have struggled to adapt to the new geoeconomic reality.

What Comes Next

The report's central message is that the future of globalisation will be shaped by policy choices, institutional choices, and leadership choices — and that India is well-positioned to influence all three. Whether India fully capitalises on this pivotal moment will depend on how proactively it engages with the shifting architecture of global governance in the years ahead.