Two decades since the Indian economy started to liberalize, which led to unparalleled growth, the country is facing new challenges. Growth has slowed, inflation is on the rise, voters are losing trust in their leaders and the confidence of investors is waning. Yet despite this, India is expected to overtake Japan as the world’s third largest economy by 2015 and surpass China as the most populous nation by 2030. The promise of favourable demographics, a rising middle class, improved trade relations with Pakistan, and a successful business sector indicate there is an opportunity to shape India’s next wave of economic growth and transformation in international affairs.