<div id="readability-page-1"><div id="parent_top_div">Global markets are reading early signs of stability in West Asia as a cue for relief, but as the IMF’s recent Fiscal Monitor notes, the deeper pressure point sits in public debt. At nearly 94 per cent of global GDP in 2025 and heading towards 100 per cent by 2029, debt is beginning to constrain policy choices. The concern, as our first editorial lays out, is not just the scale but the structure. Persistent deficits in advanced economies like the US risk absorbing global savings, tightening capital availability for countries like India. Even with gradual consolidation, India’s own debt remains elevated, leaving it exposed to currency pressure and higher borrowing costs. The unrest in Noida’s industrial clusters, as our second editorial notes, reflects accumulated stress in labour markets rather than a sudden breakdown. Wage disparities across the NCR, amplified by Haryana’s sharper hikes and inflation-driven living costs, have intensified worker dissatisfaction, prompting reactive increases in Uttar Pradesh. But the underlying issues run deeper. Irregular payments, contractor-led hiring, and weak enforcement frameworks continue to define large parts of the workforce. With over half of workers still informal and wage growth uneven, policy responses have remained piecemeal. Writing on currency management, K P Krishnan argues that the Reserve Bank of India’s attempt to stabilise the rupee carries long-term costs. By resisting depreciation despite weakening external conditions, the RBI risks distorting market signals and delaying necessary adjustments. As he notes, defending the currency often requires tighter monetary conditions, which can weigh on growth already affected by slowing demand and rising import costs. Krishnan makes the case for a return to a market-determined exchange rate, where the rupee absorbs shocks and monetary policy remains anchored to inflation, preserving institutional credibility. Vinayak Chatterjee traces the shift in India’s infrastructure strategy from traditional PPPs to asset monetisation under NMP 2.0. With a target of Rs 16.72 trillion, the approach recognises that private players are better positioned to manage operational risks, while the state retains control over development challenges. This follows earlier PPP failures that left projects stalled and banks burdened with bad loans. Newer models attempt to rebalance risk, but as Chatterjee points out, their success will depend on contract design, regulatory clarity, and the ability to enforce accountability without compromising service delivery. Finally, Fintan O’Toole reviews The Future Is Peace by Aziz Abu Sarah and Maoz Inon, a book that constructs a shared space out of personal loss. Written after the October 7 attacks and the war in Gaza, the book does not attempt a political solution. Instead, it centres on recognising grief across divides without erasing differences. The authors carry irreversible personal loss, yet choose engagement over withdrawal. The argument is limited but clear that any durable peace must begin with acknowledging the other’s suffering. Stay tuned!</div></div>

印度 Nifty 50 等權重 ETF - First Trust

印度增長領袖 ETF - VanEck Vectors

印度 MSCI ETF - iShares

INDZ

印度 ETF - WisdomTree

全球市場在西亞顯示出穩定的跡象，但公共債務日益成為一個關注點，預計到 2029 年將接近全球 GDP 的 100%。印度的高債務使其面臨貨幣壓力和更高的借貸成本。諾伊達的勞工動盪突顯了勞動力中深層次的問題，包括工資差距和不規律的支付。K P Krishnan 批評了印度儲備銀行的貨幣穩定化努力，建議迴歸市場決定的匯率。Vinayak Chatterjee 討論了印度基礎設施戰略向資產貨幣化的轉變，強調了有效合同設計和監管透明度的必要性

BS 觀點精選：全球債務與本地壓力重新繪製印度的發展路徑