Just a few years ago, India seemed on the brink of becoming the world's next great power. Today, its future appears less certain.

Jagdish Bhagwati and Arvin Panagariya say recent election results, favorable central bank policy, and the resiliency of previous reforms should give hope for India's economic future.

Two recent books reveal the ugly underbelly of India's success story. A vast gulf has opened up between the rich and the poor, corruption suffuses every aspect of life, and the country's political leaders lack the vision needed to turn this would-be world power into an actual one.

With the U.S.-India relationship in solid shape, India will be watching the U.S. presidential race for how the outcome will affect policies on China, Pakistan, and other issues crucial to Delhi.

Since its founding in 1944, the World Bank has evolved from a lender focused on European reconstruction into the preeminent international institution for economic development and poverty reduction. This Backgrounder examines the Bank's history and role.

International trade and finance analyst Rebecca M. Nelson offers an overview of multilateral development banks and outlines the issues they present for the United States Congress in this Congressional Research Service report.

As tobacco use proliferates in the developing world, an innovative incentive mechanism could supplement tobacco control efforts in low- and middle-income countries.

The emerging BRICS economies agree that the West should hold less sway in the global economy. But their leaders, despite regular summits, have failed to articulate a coherent vision because of divergent interests, says journalist Martin Wolf.

The winner of the 2012 U.S. presidential election must be prepared to deal with a potential reemerging crisis between India and Pakistan, engage with India over its relations with Iran and interests in Afghanistan, and face an upcoming leadership transition in the country, says CFR's Daniel Markey.

Leaders of the BRICS countries (Brazil, the Russian Federation, India, China, and South Africa) made this declaration at the fourth BRICS Summit in New Delhi on March 29, 2012.

Frank G. Klotz argues that both India and Pakistan have an interest in taking steps to enhance strategic stability in the region and to reduce the possibility of nuclear conflict resulting from miscalculation or deliberate escalation in a crisis.

Jagdish Bhagwati and Rajeev Kohli make the case for proposed reforms to India's retail sector that would allow the entry of retail giants like Wal-Mart, Tesco, and Carrefour.

This report tracks the foreign investment portfolios of the BRIC governments— Brazil, Russia, India, and China—by looking at reserves holdings and holdings of U.S. assets.

Evan A. Feigenbaum argues that expanded trade and investment between India and the United States can both diversify and solidify a partnership to which both governments are deeply committed.

Experts discuss the finding and recommendations of the CFR-Aspen Institute India joint study group report, The United States and India: A Shared Strategic Future.

Experts discuss the finding and recommendations of the CFR-Aspen Institute India joint study group report, The United States and India: A Shared Strategic Future.

Experts discuss the finding and recommendations of the CFR-Aspen Institute India joint study group report, The United States and India: A Shared Strategic Future.

The United States and India should hold classified exchanges on Pakistan's nuclear program and its role in Afghanistan as well as coordinate closely on global issues, says CFR's Robert D. Blackwill, co-chair of a new CFR-Aspen Institute India report.

Business, policy, and thought leaders offer recommendations on enhancing the U.S.-India strategic relationship.

Robert D. Blackwill and Naresh Chandra argue that the United States and India should not allow their bilateral relationship to drift.