The earliest sizeable presence of Japanese expatriates in India was in colonial Bombay and its Presidency. The Japanese came for trade, but their engagement with the port city and its cotton hinterland went beyond commerce to include spiritual life and later, India’s national movement. This chapter, ‘Geographies of Exchange between Japan and India’, traces their community, religion, social infrastructure, and commercial and cultural contributions to Bombay.

In December, India and Oman signed a Free Trade Agreement – a formalisation of exchanges which are, in fact, two hundred years old. These were led by the Indian merchant diasporas, especially the Bhatia, Bohra, Khoja, Khimji and Jain communities, which used Omani-controlled maritime networks to link Bombay with East Africa. These networks still endure, and among the oldest, strongest, and culturally richest are the Bombay-Oman-East Africa connections.

On December 18, Sharif Osman Hadi, a prominent leader of the 2024 student-led uprising, was assassinated. What began as protests against civil service quotas became a leaderless uprising. As Western powers celebrated a “democratic dawn”, Bangladesh slid into structured anarchy. Dhaka now faces two futures with terrifying clarity: one with elections skewed by military advantage and Islamist mobilisation, and the other by acknowledging that democracy cannot be airlifted.

Bangladesh’s economy, already weak at the time of the August 2024 coup, has been on a downward spiral since. Banks are insolvent and cannot lend, business confidence is low, and investors are staying out. These issues will worsen the ongoing radicalisation, extremism and violence in the country. 

Ethiopia's importance as an African country that has played a vital role in advancing the vision of African unity and integration, and as a nation that killed its own demons of dictatorship to emerge as a successful democracy, is remarkable. In this upgraded frame, Prime Minister Modi’s visit to Addis Ababa is significant, with India as a partner offering economic and technological engagement.

Renewable energy adoption will be much slower than what was being projected earlier, and China’s curbs on rare-earth magnets will slow down the adoption of electric vehicles. Oil will continue to fuel India’s economy in 2026 and beyond. 

It is customary for every U.S. president to release a National Security Strategy (NSS) early in their tenure. President Trump published the NSS for his second term in November 2025. It’s a contrast from his 2017 NSS, which addressed broad threats. The 2025 version is narrower, emphasising trade over security, with the Western Hemisphere being the primary area of focus. Is the U.S.’s global role shrinking?

The earliest sizeable presence of Japanese expatriates in India was in colonial Bombay and its Presidency. The Japanese came for trade, but their engagement with the port city and its cotton hinterland went beyond commerce to include spiritual life and later, India’s national movement. This chapter, ‘Geographies of Exchange between Japan and India’, traces their community, religion, social infrastructure, and commercial and cultural contributions to Bombay.

For a week in December, the Feast of St. Andrew is observed in Mumbai’s two Scottish Presbyterian churches – St. Andrew’s Cathedral and the Church of St. Columba. In the absence of Scots, these Churches and multiple educational institutions and trading houses remind us that colonial Bombay was primarily built by these hardy Highlanders, often mistaken by locals for Englishmen. The Scots were also Britain’s most enthusiastic Empire-builders.

As global conflicts intensify and global leadership falters, it is time to look back 75 years to Bhimrao Ramji Ambedkar - not only the father of India’s Constitution but also an internationalist whose foreign policy vision remains overlooked. He warned against aligning with China, upheld Tibet’s sovereignty, advocated U.S. ties, rejected non-alignment, and championed India’s UNSC seat. How different would the scenario have been if Ambedkar had led India’s foreign policy?