This report analyses India's emergence as a significant power in Asia from both domestic and international perspectives. India is undergoing major societal transformations and its demographic and economic structures are changing. This is reflected in domestic debates and a changing political landscape. India's rise is not spectacularly fast but the trajectory is clear: the country's ambitions to become a leading power are increasingly matched with greater capacity and capability. India is deepening its bilateral cooperation with actors such as the US, Japan and the EU, while tending to its traditional partners such as Russia. India is also furthering its engagements with the African, Middle Eastern and South East Asian regions, as well as increasing its activity within regional and global multilateral institutions. The country's armed forces are being modernised and new areas such as space and cyber are prioritised. There are, however, limitations to India's ability to finance diplomatic initiatives and the country is restricted by institutional limitations. Domestic challenges are many: unemployment is growing, and the infrastructure, health and education systems need further investments. Growing social tensions are also a concern. The effect of the global climate crises is also looming. In spite of all these challenges, India continues its rise as a regional and global power.