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Over the past several decades, the story of Silicon Valley has been deeply intertwined with the story of Indian immigrants—engineers, entrepreneurs, and investors who helped shape the technology revolution while building new bridges between the United States and India.  Few individuals embody that journey as vividly Kanwal Rekhi. Rekhi was the first Indian-American founder & CEO to take a venture-backed company public on the NASDAQ. He also co-founded and built The Indus Entrepreneurs—or TiE—into the largest global network of Indian entrepreneurs, and cofounded Inventus—where he is building the venture franchise into a catalyst for India’s tech revolution.  He writes about his life in his new memoir, The Groundbreaker: Entrepreneurship, the American Dream, and the Rise of Modern India, which traces his remarkable journey from a modest upbringing in India to becoming one of the most influential figures in the Indian diaspora in the United States. To talk more about his book, Kanwal joins Milan on the podcast this week. They discuss his lifelong passion for entrepreneurship, his modest upbringing and challenging early family life, and his role in building the modern Internet. Plus, the two discuss Kanwal’s role in India’s landmark telecommunications reforms and his recent efforts to boost entrepreneurs in India. Episode notes: “The Secret to Indian Americans' Success (with Meenakshi Ahamed),” Grand Tamasha, June 4, 2025. Meenakshi Ahamed, Indian Genius: The Meteoric Rise of Indians in America (New Delhi: HarperCollins India, 2025). Kanwal Rekhi, “I’m a tech founder from India. Here’s why I’m worried about the future of America,” San Francisco Chronicle, February 3, 2026. Zofeen Maqsood, “Kanwal Rekhi’s next mission: 10 million entrepreneurs by India at 100,” American Bazaar, March 3, 2026.

For decades, India’s growth story has rested on the spectacular rise of its middle class. But a new book argues that this very group—roughly 40 million income-tax–paying households—is now under acute strain.  Facing a convergence of job disruption, wage stagnation, and rising debt, the middle class may no longer be the engine of growth it once was. This is the argument made in a new book titled, Breakpoint: The Crisis of the Middle Class and the Future of Work. It is authored by Saurabh Mukherjea, along with Nandita Rajhansa and Sapana Bhavsar Saurabh is the founder of Marcellus Investment Managers and the author of six previous books. Prior to setting up Marcellus, Saurabh was the CEO of Ambit Capital. He is also a Founding Director of the Association of Portfolio Managers in India Nandita is an economist and a small and midcap analyst at Marcellus. She’s the co-author of a national bestseller, Behold the Leviathan: The Unusual Rise of Modern India, which was published in 2024. Milan speaks with Saurabh and Nandita about the Indian middle class’s most vulnerable moment since 1991, the hollowing out of middle-skill jobs, the structural challenges with India’s education system, the worrying trend in declining placement rates and salaries, and the explosion in household debt. Plus, the trio discuss how AI and automation are remaking the Indian economy—both for good and for ill. Episode notes: Saurabh Mukherjea and Nandita Rajhansa, “Educated and employed but still struggling: India's middle class under strain,” BBC, March 30, 2026. “A Sixth of Humanity and the Dreams of a Nation (with Devesh Kapur and Arvind Subramanian),” Grand Tamasha, October 22, 2025. Saurabh Mukherjea, Nandita Rajhansa and Sapana Bhavsar, “Graduate and unemployed: India’s middle-class rulebook for career & success no longer works,” ThePrint, March 23, 2026.

On this week’s show, Milan sits down with the novelist Karan Mahajan, author of a much-anticipated new novel, The Complex. Karan and Milan discussed the book at our first ever live Grand Tamasha event at Carnegie headquarters in Washington, DC on March 16. Karan is an associate professor in Literary Arts at Brown University and the author of the books Family Planning and The Association of Small Bombs.

Donald Trump’s return to the White House has once again altered the contours of international politics. For India, this evolving context raises several important questions about the viability of its foreign policy approach. This week on the podcast, Milan sits down with three of the contributors to a new compilation published by the Carnegie Endowment—Shoumitro Chatterjee, Sameer Lalwani, and Tanvi Madan—to discuss the uncertain trajectory of Indian foreign policy. 

Over the past two decades, Washington and New Delhi have drawn steadily closer—driven by shared concerns about China, expanding economic ties, and a growing Indian diaspora in the United States. To help us unpack all of this, this week Milan spoke with Congressman Ami Bera in his office on Capitol Hill.

For decades, Bangladesh has long oscillated between competitive democracy and dominant-party rule. In 2024, mass protests brought an abrupt end to Prime Minister Sheikh Hasina’s long tenure in power, opening the door to Bangladesh’s most consequential election in more than a decade—one that returned the Bangladesh Nationalist Party to power and reshaped the country’s political landscape. With Hasina’s fall and a new government in office, the country once again stands at a crossroads—testing whether institutional reform and electoral competition can deliver lasting democratic stability. To talk about the new political era in Bangladesh, Milan is joined on the show this week by Naomi Hossain. Naomi is Global Research Professor with the Department of Development Studies at SOAS University of London. She has researched extensively across Bangladesh and has managed large international studies spanning 20 countries in Asia, Africa, Latin America, and Europe. Naomi is the author of the acclaimed 2017 book, The Aid Lab: Understanding Bangladesh's Unexpected Success. Naomi and Milan discuss the abrupt end to Hasina’s fifteen-year rule, the performance of the interim government under Muhammad Yunus, and the prospects for new prime minister Tarique Rahman. Plus, the two discuss the country’s immense economic challenges and the role of the military. Episode notes: Naomi Hossain, “Ali Riaz's Big Bet,” Counterpoint, January 19, 2026. Naomi Hossain, “Dhaka pre-election diary (pt 1, possibly, of 2),” Substack, January 6-19, 2026. “How India Lost the Neighborhood (with Muhib Rahman),” Grand Tamasha, February 11, 2026. “Sri Lanka's Peaceful Revolution (with Neil DeVotta),” Grand Tamasha, January 25, 2025.

Just weeks ago, India hosted the 2026 AI Impact Summit, the latest chapter in a global process that began in 2023 in the UK. For India, the stakes could not be higher: it’s a country with immense technical talent and a data-rich digital ecosystem, but also a services-led growth model that AI could either boost or seriously disrupt.  For the Modi government, the summit was part diplomatic showcase, part investment pitch, and part declaration of ambition. To talk more about the summit and its key takeaways, Milan is joined on the show this week by Anirudh Suri.  Anirudh is a nonresident scholar with Carnegie India. His interests lie at the intersection of technology and geopolitics, climate, and strategic affairs. He is also a managing partner at India Internet Fund, a technology-focused venture capital fund based in India and the United States. He’s the author of The Great Tech Game: Shaping Geopolitics and the Destinies of Nations, published in 2022. And he’s also the host of a podcast by the same name, “The Great Tech Game,” which focuses on technology, business and geopolitics. Milan and Anirudh discuss the evolution of global AI summitry, the debate over India’s elusive “DeepSeek moment,” and the country’s indigenous large language models (LLMs). Plus, the two discuss the effects of AI on India’s services industry and India’s quest to marshal its domestic scientific talent. Episode notes: 1.     Anirudh Suri, “Learning from DeepSeek, honing India’s AI strategy,” Hindustan Times, March 2, 2025. 2.     Anirudh Suri, “The Missing Pieces in India’s AI Puzzle: Talent, Data, and R&D,” Carnegie India, February 24, 2025. 3.     Anirudh Suri, “Winning the AI race with research talent,” Hindustan Times, November 3, 2024. 4.     “Governing India's Digital Revolution (with Rahul Matthan),” Grand Tamasha, January 23, 2024.

We tend to think of populist leaders around the world as disruptive—skeptical of international institutions, impatient for change, and prone to upending foreign policy norms. But a new book by scholars Sandra Destradi and Johannes Plagemann argues that—while populists can have dramatic impacts on foreign policy—the extent of change depends on two key factors: the personalization of foreign policy and leaders’ ability to use foreign policy as a tool of domestic political mobilization. The book is called Populism and Foreign Policy, and it looks at transitions from non-populist to populist governments in Bolivia, the Philippines, Turkey, and India.  To talk more about the book’s findings—especially as they relate to Indian foreign policy—Sandra Destradi joins Milan on the show this week. Sandra holds the Chair of International Relations at the University of Freiburg, Germany, and she is currently serving as a DAAD long- term Guest Professor at Reichman University in Herzliya, Israel. She is the author of several articles and books on India, including the 2012 book, Indian Foreign and Security Policy in South Asia: Regional Power Strategies. Milan and Sandra discuss the definitional debates around populism, the conditional effects of populism on foreign policy, and the reasons for the Modi government’s differential approach to Pakistan and China. Plus, the two discuss why populists might express an enhanced willingness to contribute to global public goods, the limited opportunities for mobilization against multilateral institutions, and the differences between populists in the Global North versus the Global South. Episode notes: 1.     “Populism, South Asian Style (with Adnan Naseemullah and Pradeep Chhibber),” Grand Tamasha, December 18, 2024. 2.     Johannes Plagemann and Sandra Destradi, “Populism and Foreign Policy: The Case of India,” Foreign Policy Analysis 15, no. 2 (April 2019): 283–301.  3.     Sandra Destradi, “Domestic Politics and Regional Hegemony: India’s Approach to Sri Lanka,” E-International Relations, January 14, 2014.

Over the past year, Europe–India relations have entered a markedly upbeat phase. What was once a diffuse partnership—long on rhetoric, short on strategy—now looks far more purposeful.  From the announcement on a long-delayed EU-India Free Trade Agreement to expanding cooperation on security, technology, and migration, Europe and India appear to be—finally—converging around a shared strategic logic. To unpack what’s driving this convergence—and where its limits lie—Milan is joined on the show this week by Garima Mohan. Garima is a senior fellow in the Indo-Pacific program at the German Marshall Fund based in Brussels. In this capacity, she leads GMF’s work on India and serves as convenor of the India Trilateral Forum.  Her research focuses on Europe-India ties, EU foreign policy in Asia, and security in the Indo-Pacific. She’s also the author of a new GMF report titled, “A Long Time Coming: Europe and India have discovered a strategic partnership,” published in January 2026. Milan and Garima discuss the geopolitical drivers that are bringing the EU and India closer together, Europe’s views on the limits to India’s potential, and the key takeaways from the EU-India FTA. Plus, the two discuss how Russia might derail Indo-European security cooperation and the urgent need for Europe to invest in India expertise. Episode notes: 1.     “Europe’s long-awaited free-trade deal with India,” The Economist, January 25, 2026. 2.     Garima Mohan, “As Trump takes Office, Planets Align for the EU and India,” India’s World, March 6, 2025. 3.     “Can Europe be India's Plan B? (with James Crabtree),” Grand Tamasha, September 17, 2025. 4.     “India and the Reordering of Transatlantic Relations (with Tara Varma),” Grand Tamasha, March 11, 2025. 5.     “Mr. Modi Goes to Europe (with Garima Mohan),” Grand Tamasha, May 11, 2022.

After years of trade skepticism, India appears to be back in the deal-making business—signing new agreements, reviving stalled talks, and announcing ambitious frameworks with key bilateral partners.  A few weeks ago, the European Union and India announced a mega-trade deal that was more than two decades in the works. And just days after this news broke, the White House announced that the United States had also reached an understanding with India on trade, an issue which had sapped relations between the two erstwhile partners over the past year. To help make sense of what’s changed—and what hasn’t—Milan is joined on this show this week by Mark Linscott. Mark is a nonresident senior fellow on India at the Atlantic Council and a Senior Advisor with The Asia Group. He previously served as the assistant US trade representative for South and Central Asian Affairs from 2016 to 2018.  He has more than 30 years of experience working on trade and economic issues at the Commerce Department and USTR. It is my pleasure to welcome him to the show for the very first time. Milan and Mark discuss India’s new external trade posture, the geopolitics and economics of the EU-India FTA, and the timing and substance of India’s trade deal with the United States. Plus, the two discuss India’s relative positioning vis-à-vis other Asian competitors and the possible roadblocks in the way of a larger U.S.-India accord. Episode notes: Ravi Dutta Mishra, “How India’s US deal tariff advantage over Bangladesh vanished overnight,” Indian Express, February 10, 2026.Arvind Subramanian, “India may be about to become one of the world’s most open economies,” The Economist, February 5, 2026.Michael Kugelman and Mark Linscott, “What to know about the US-India trade deal,” Atlantic Council “Dispatches” blog, February 2, 2026. “Can the U.S. Salvage Its Relationship with India? (with Lisa Curtis),” Grand Tamasha, February 4, 2026.Michael Kugelman and Mark Linscott, “The India–EU trade deal is worth watching, but not overhyping,” Atlantic Council “Dispatches” blog, January 27, 2026. 

Over the past few years, South Asia has witnessed a striking wave of mass protests toppling governments and upending long-standing political arrangements in countries ranging from Bangladesh to Nepal and Sri Lanka. These upheavals are often explained in terms of domestic factors—such as corruption, economic mismanagement, and democratic backsliding.  But in a recent Foreign Affairs essay titled “The Folly of India’s Illiberal Hegemony,” the scholar Muhib Rahman argues that there is a larger regional story at play—one that implicates not just local leaders, but also India and the United States. The essay challenges the assumption that India’s regional leadership has been a stabilizing force and asks whether New Delhi’s choices have instead helped create openings for China across South Asia. To talk more about the essay, Muhib joins Milan on the show this week. Muhib is a Perry World House Postdoctoral Fellow at the University of Pennsylvania. His research sits at the intersection of international security, emerging technologies, and the politics of the Global South. He has served as a Postdoctoral Associate at Cornell University and holds a Ph.D. in Government from the University of Texas-Austin. Muhib and Milan discuss India’s illiberal hegemony in its neighborhood, the downturn in Bangladesh-India ties, and the enabling role of the United States. Plus, the two discuss the drivers of the “India Out” phenomenon in countries ranging from Nepal to the Maldives and how China is positioning itself to take advantage. Episode notes: 1.     Muhib Rahman, “Bangladesh’s Quiet Pivot to China,” The National Interest, October 27, 2025. 2.     Muhib Rahman, “Explaining Trump’s Surprising Turn to Pakistan,” War on the Rocks, October 1, 2025. 3.     “Why Washington Is Wooing Pakistan (with Uzair Younus),” Grand Tamasha, October 1, 2025. 4.     “Sri Lanka's Peaceful Revolution (with Neil DeVotta),” Grand Tamasha, January 29, 2025.

U.S.-India relations were once described as one of Washington’s MOST important strategic bets in the twenty-first century. But over the past year, that partnership has come under serious strain—buffeted by trade disputes, sharp rhetoric, and deep disagreements over Pakistan and Kashmir.  In the current print edition of Foreign Affairs, Lisa Curtis and Richard Fontaine argue that this rupture is not just another rough patch, but rather a potentially consequential turning point. The essay, “America Must Salvage Its Relationship with India—or Risk Losing a Global Swing State,” makes the case that how Washington manages its ties with New Delhi in this moment will have lasting implications for the Indo-Pacific balance of power, U.S. credibility in Asia, and competition with China. To talk more about this new piece, Lisa joins Milan on the show this week. Lisa is Director of the Indo-Pacific Security Program at the Center for a New American Security. She is a foreign policy and national security expert with over 20 years of service in the U.S. government—including at the National Security Council, CIA, State Department, and Capitol Hill. Most recently, Lisa served as Senior Director for South and Central Asia at the National Security Council from 2017 to 2021.  Milan and Lisa discuss the “fit of presidential pride and pique” that has derailed bilateral ties, President Trump’s repeated desire to mediate between India and Pakistan, and the sudden revival in U.S.-Pakistan ties. Plus, the two discuss America’s strategic competition with Beijing, what it will take for Washington to remedy its trust deficit with New Delhi, and the long-term consequences of a sustained rupture between the United States and India.

2026 is shaping up to be a hectic political year in India. The ruling Bharatiya Janata Party (BJP) of Prime Minister Narendra Modi has appointed the relatively unknown Nitin Nabin to take over as party president. The BJP and its opposition challengers are gearing up for high-stakes assembly elections in five states later this spring. And the Election Commission of India (ECI) is in the midst of a controversial revision of India’s gargantuan electoral rolls. To discuss these and the country’s other key political stories, Sunetra Choudhury—the national political editor of the Hindustan Times—joins Milan to kick off the fifteenth season of Grand Tamasha. The two sat down for a special episode recorded live in HT’s New Delhi studio.  Listeners will know Sunetra from her past appearances on the podcast, as well as from her reporting for the Hindustan Times—and, of course, from her book Black Warrant, which has since been adapted into a hit Netflix crime drama of the same name. Sunetra has over two decades of reporting experience and was the recipient of the Red Ink award in journalism in 2016 and the Mary Morgan Hewett award in 2018. Milan and Sunetra discuss the prevailing political winds in Delhi, the BJP’s surprising new president, and the long shadow of the 2025 Bihar assembly elections. Plus, the two discuss the upcoming state elections, the inner turmoil within the Congress Party, and the ECI’s controversial “special intensive review.” Episode notes: “Interpreting the 2025 Bihar Verdict (with Roshan Kishore),” Grand Tamasha, November 19, 2025.“How India’s Women Are Redefining Politics (with Ruhi Tewari),” Grand Tamasha, November 5, 2025.Sunetra Choudhury, “NDA's landslide win will cause ripples far beyond Bihar,” Hindustan Times, November 15, 2025.

Grand Tamasha is Carnegie’s weekly podcast on Indian politics and policy co-produced with the Hindustan Times, a leading Indian media house. For six years (and counting), host Milan Vaishnav has interviewed authors, journalists, policymakers, and practitioners working on contemporary India to give listeners across the globe a glimpse into life in the world’s most populous country. Each December, Milan looks back at the conversations we’ve hosted during the course of the year and selects a handful of books that stayed with him long after our recording wrapped. This year’s selections span biography, history, and political economy—but they share a common thread: Each offers a bold reinterpretation of India at a moment of profound political and social churn. In keeping with this tradition, here—in no particular order—are Grand Tamasha’s top books of 2025.  A Sixth of Humanity: Independent India’s Development Odyssey By Devesh Kapur and Arvind Subramanian. Published by HarperCollins India.Believer’s Dilemma: Vajpayee and the Hindu Right’s Path to Power, 1977–2018 By Abhishek Choudhary. Published by Pan Macmillan India.Shattered Lands: Five Partitions and the Making of Modern Asia By Sam Dalrymple. Published by HarperCollins India.Taken together, these books showcase the breadth of scholarship animating debates on India and South Asia today. They remind us that the region’s past remains contested, its present deeply complex, and its future still uncertain. I hope you find these conversations as stimulating and inspiring as I did. One final note here: As you consider your year-end charitable giving, we hope you will choose to support Grand Tamasha.  This season, you might have noticed that we’ve expanded into video, allowing listeners to watch full-length conversations on YouTube. Listener contributions sustain the costs of production, research, and distribution—especially as we expand our video offerings.  The podcast receives no external funding beyond what our audience generously provides, and contributions from U.S.-based supporters are fully tax-deductible.  We would be grateful for whatever support you can offer. Please visit https://donate.carnegieendowment.org/for more information on how you can give. On behalf of the entire team, we hope you have a wonderful holidays. Thanks for listening to the show—and see you in the new year. Episode notes: 1. “The Forgotten Partitions That Remade South Asia (with Sam Dalrymple),” Grand Tamasha, October 29, 2025. 2. “A Sixth of Humanity and the Dreams of a Nation (with Devesh Kapur and Arvind Subramanian),” Grand Tamasha, October 22, 2025. 3. “Vajpayee and the Making of the Modern BJP (with Abhishek Choudhary),” Grand Tamasha, September 3, 2025. 4.  Milan Vaishnav, “Grand Tamasha’s Best Books of 2024,” Carnegie Endowment for International Peace, December 17, 2024. 5.  Milan Vaishnav, “Grand Tamasha’s Best Books of 2023,” Carnegie Endowment for International Peace, December 19, 2023. 6.  Milan Vaishnav, “Grand Tamasha’s Best Books of the Year,” Carnegie Endowment for International Peace, December 20, 2022.

Despite a year marked by tariff battles, confusion over Washington’s China policy, and the shock of the 2025 India–Pakistan war, one part of the U.S.–India relationship has held firm: bilateral defense cooperation. The two sides recently announced a new defense framework, are deepening links between their private sectors, and are boosting military-to-military ties.  To review the state of the U.S.-India defense relationship and to help unpack the secrets of its success, Milan is joined on the show this week by Sameer Lalwani. Sameer is a senior advisor with the Special Competitive Studies Project and a non-resident senior fellow with the German Marshall Fund. Sameer and Milan discuss how the U.S.-India defense partnership has survived the general tumult in the relationship, the significance of a recently signed defense framework agreement, and the future of defense co-production and co-development. Plus, the two discuss Inda’s lessons learned from Operation Sindoor and whether China still serves as the glue that keep these two powers together. Watch this episode on YouTube. Episode notes: 1. Sameer Lalwani, “Don’t Call it a Comeback: Why US-India Relations are Due for a Rebound,” Special Competitive Studies Project, November 20, 2025. 2. Sameer Lalwani and Vikram J. Singh, “How to Get the Most Out of the U.S.-Indian Defense Partnership,” War on the Rocks, February 11, 2025. 3. “Why Washington Is Wooing Pakistan (with Uzair Younus),” Grand Tamasha, October 1, 2025. 4. “From Convergence to Confrontation: Trump’s India Gambit (with Ashley J. Tellis),” Grand Tamasha, September 24, 2025. 5. “Can Europe be India's Plan B? (with James Crabtree),” Grand Tamasha, September 17, 2025. 6. “How This India-Pakistan Conflict Will Shape the Next One (with Joshua White),” Grand Tamasha, May 21, 2025. 7. “Operation Sindoor and South Asia’s Uncertain Future (with Christopher Clary),” Grand Tamasha, May 14, 2025.