This report analyses India's security threats and objectives, grand strategy, defence policy and democracy from the perspective of Swedish security interests. For Swedish-Indian defence cooperation, overall development presents opportunities, but also major risks. India perceives China as its main threat and expresses support for a rules-based world order. At the same time, India sees Russia as a close strategic partner and does not always act according to its own proclaimed principles. Moreover, India is trying to strengthen its own position globally by developing its ties with the West and Russia in parallel. India's armed forces is undergoing major changes, but many challenges and problems remain to be addressed in the defence sector. Democracy is going backwards as civil liberties have been severely curtailed over the last few years.