• Indian Capital in Nepali Markets: Investment, Integration, and Influence

    When commentators measure India’s standing in Nepal, they reach for the familiar instruments of statecraft: the 1950 Treaty, water-sharing agreements, summit communiqués, and the occasional border irritant. Yet the most durable strand of Indian influence runs through ledgers, not letterheads. It sits on the balance sheets of Nepali banks, in the turbines of Himalayan rivers,…

  • Nepal’s Foreign Policy at Stake: When Strategic Cooperation Becomes Strategic Dependency

    There is a threshold in bilateral relationships between unequal states at which cooperation becomes structural dependency. The threshold is not marked with a sign. It passes gradually, through accumulated agreements, growing financial obligations, and deepening institutional ties that make any recalibration increasingly costly. Nepal is approaching that threshold in its relationship with China. It has…