News Summary

• For middle-income countries like India, accessing knowledge and technology is now a bigger challenge than raising capital.
• In 1991, external finance covered about 15% of the central government’s fiscal deficit; by 2025–26, that figure had fallen to 1.5%.
• India is simply a prominent example of a more general rule: as middle- income countries develop more sophisticated financial systems, the case for MDB finance grows progressively weaker.
• The biggest constraint on completing such complex and technically demanding projects is often know-how, not money.