Is India Ready to Launch?
04/10/24 • 53 min
On March 11, the Indian Defense Research and Development Organization conducted the maiden test of its Agni-V MIRV (Multiple Independently Targetable Re-Entry Vehicle) missile. MIRV capability is a complex technology and there are only a handful of countries that have developed it.
The test represents a breakthrough for India’s missile program but it’s also prompted warnings of a new arms race in the Indo-Pacific, a region already marked by sharpening geopolitical rivalries. To discuss India’s missile program, its defense posture, and its emerging space policy, Milan is joined on the show this week by Ankit Panda. Ankit is the Stanton Senior Fellow in the Nuclear Policy Program at the Carnegie Endowment for International Peace. He’s an expert on the Asia-Pacific region and his work encompasses nuclear strategy, arms control, missile defense, nonproliferation, and emerging technologies.
Ankit and Milan discuss the significance of India’s MIRV test and the new “missile age” in the Indo-Pacific. Plus, the two discuss the China-India-Pakistan triangle, the importance of India’s 2019 anti-satellite test, and the future of India’s space policy.
Episode notes:
1. Ankit Panda, Indo-Pacific Missile Arsenals: Avoiding Spirals and Mitigating Escalation Risks (Washington, D.C.: Carnegie Endowment for International Peace, 2023).
2. “Southern Asia's Nuclear Future with Ashley J. Tellis,” Grand Tamasha, October 26, 2022.
3. Ankit Panda, “The Indo-Pacific’s new missile age demands Washington’s attention,” Breaking Defense, November 16, 2023.
4. Ankit Panda, “How India’s breakthrough as an ‘elite space power’ devalues discovery and innovation,” South China Morning Post, April 7, 2019.
5. Alex Travelli, “The Surprising Striver in the World’s Space Business,” New York Times, July 4, 2023.
6. Toby Dalton et al., “Dimming Prospects for U.S.-Russia Nonproliferation Cooperation,” Carnegie Endowment for International Peace, March 14, 2024.
On March 11, the Indian Defense Research and Development Organization conducted the maiden test of its Agni-V MIRV (Multiple Independently Targetable Re-Entry Vehicle) missile. MIRV capability is a complex technology and there are only a handful of countries that have developed it.
The test represents a breakthrough for India’s missile program but it’s also prompted warnings of a new arms race in the Indo-Pacific, a region already marked by sharpening geopolitical rivalries. To discuss India’s missile program, its defense posture, and its emerging space policy, Milan is joined on the show this week by Ankit Panda. Ankit is the Stanton Senior Fellow in the Nuclear Policy Program at the Carnegie Endowment for International Peace. He’s an expert on the Asia-Pacific region and his work encompasses nuclear strategy, arms control, missile defense, nonproliferation, and emerging technologies.
Ankit and Milan discuss the significance of India’s MIRV test and the new “missile age” in the Indo-Pacific. Plus, the two discuss the China-India-Pakistan triangle, the importance of India’s 2019 anti-satellite test, and the future of India’s space policy.
Episode notes:
1. Ankit Panda, Indo-Pacific Missile Arsenals: Avoiding Spirals and Mitigating Escalation Risks (Washington, D.C.: Carnegie Endowment for International Peace, 2023).
2. “Southern Asia's Nuclear Future with Ashley J. Tellis,” Grand Tamasha, October 26, 2022.
3. Ankit Panda, “The Indo-Pacific’s new missile age demands Washington’s attention,” Breaking Defense, November 16, 2023.
4. Ankit Panda, “How India’s breakthrough as an ‘elite space power’ devalues discovery and innovation,” South China Morning Post, April 7, 2019.
5. Alex Travelli, “The Surprising Striver in the World’s Space Business,” New York Times, July 4, 2023.
6. Toby Dalton et al., “Dimming Prospects for U.S.-Russia Nonproliferation Cooperation,” Carnegie Endowment for International Peace, March 14, 2024.
Previous Episode
Decoding the Indian Economy
It seems wherever you turn these days, there are stories about India’s status as the fastest growing major economy in the world. Its growth rates remain the envy of both the developed—and the developing—world. But what is really happening under the hood? What are the opportunities for India in a world riven by conflict and technological disruptions? And what challenges might it face as it tries to navigate these choppy waters?
To talk about the nuts and bolts of the Indian economy, Milan is joined on this week’s show by the economist Pranjul Bhandari. Pranjul is chief India and Indonesia economist and managing director for global research at HSBC. Whether it’s breaking down the latest GDP print, forecasting India’s inflation dynamics, or dissecting India’s annual budget, Pranjul is one of the sharpest and most prolific observers of the Indian economy.
Milan and Pranjul discuss the latest growth figures from India, the stickiness of inflation, and underwhelming consumption growth. Plus, the two discuss the puzzle of India’s foreign direct investment (FDI) inflows and what it will take for the “Make in India” program to succeed. The duo conclude with a discussion about the reforms India must prioritize if it is to achieve sustained rapid growth.
Episode notes:
1. Mohamed El-Erian and Michael Spence, “The Indian Giant Has Arrived,” Project Syndicate, March 22, 2024.
2. Pranjul Bhandari, “Beyond the budget: what happened when no one was really looking?” Mint, January 30, 2024.
3. Pranjul Bhandari, “India’s fiscal future: Lots done, more to do,” Mint, November 22, 2023.
4. Pranjul Bhandari, “India’s growth prospects are on the up. What changed?” Indian Express, December 19, 2023.
5. Pranjul Bhandari, “Building an India for manufacturers,” Indian Express, October 9, 2023.
Next Episode
Previewing India's 2024 General Election
In just a few days, India’s eighteenth general elections will get underway with voting in the first phase kicking off on April 19. Between April 19 and June 1, India will have seven separate polling days culminating in a final counting of votes on June 4.
Every single pre-election survey to date shows the ruling Bharatiya Janata Party (BJP) alliance of Prime Minister Narendra Modi winning a comfortable majority of seats in the Lok Sabha. If these predictions come to fruition, it would be the first time that a party has won three consecutive elections under the same leader since Congress during the Nehru period.
To preview these elections—and what they mean for India’s future—Milan is joined on the show this week by Sukumar Ranganathan, editor-in-chief of the Hindustan Times. Few people in India have observed and analyzed politics, economics, and social change as comprehensively as Sukumar.
Milan and Sukumar discuss the issues animating voters this election, the state of the economy, and the significant expansion of the BJP coalition. Plus, the two discuss the opposition’s struggles, the BJP’s big push in the southern states, and what we know about the agenda for Modi 3.0.
Episode notes:
1. Milan Vaishnav, “On electoral bonds, a short-lived celebration,” Hindustan Times, February 17, 2024.
2. “Decoding the Indian Economy (with Pranjul Bhandari)” Grand Tamasha, April 3, 2024.
3. Sukumar Ranganathan, “Five Things with @HT_Ed,” Hindustan Times (newsletter).
4. Hindustan Times, General Elections Retrospective (accessed via the HT app).
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