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May 12, 2026
Siddhartha Dave

From Operation Sindoor to Theatre Command: Why Bharat’s New CDS Appointment Matters

The appointment of Lt Gen N S Raja Subramani as the next Chief of Defence Staff (CDS) marks far more than a routine military transition. At a time when Bharat faces simultaneous continental and maritime challenges from both Pakistan and China, the selection reflects a deeper strategic shift underway within the Bhartiya security establishment — the movement from service-centric warfare to integrated theatre-based warfighting. The decision by the Government of Bharat and the Ministry of Defence to appoint a leader with extensive operational experience across the Western Front, the Northeast, and the Central Command is not accidental. It is closely tied to the lessons emerging from recent military preparedness exercises and operational doctrines, especially the evolving understanding generated through what many strategic observers describe as the “Operation Sindoor model” — a framework that highlighted the necessity of seamless jointness among the Army, Navy, Air Force, intelligence agencies, cyber capabilities, and strategic communications. Lt Gen Raja Subramani brings to office an unusually balanced combination of operational exposure, strategic education, and institutional experience. An alumnus of both the National Defence Academy and the Indian Military Academy, commissioned into the Garhwal Rifles in 1985, he has commanded some of the most sensitive operational formations on both the Pakistan and China fronts. His experience in handling insurgency environments in the Northeast further adds to his strategic depth. Among the eligible officers, he reportedly carried the unique distinction of having commanded two premier strike corps on the Western Front while also serving as Army Commander of Central Command. Such a profile becomes particularly relevant in the emerging era of theatre commands. For decades, Bharat’s military structure functioned largely through compartmentalised service doctrines. The Army planned land operations, the Air Force focused on air dominance, and the Navy operated with its own maritime priorities. While coordination existed, true integration remained limited. Modern warfare, however, no longer permits such silos. Conflicts today unfold simultaneously across land, air, sea, cyber, space, information, and psychological domains. The side that integrates faster and responds jointly gains a decisive advantage. This is precisely where the concept of theatre commands assumes significance. Theatre commands aim to unify military assets under a single operational commander for a specific geographical or functional theatre. Instead of separate chains of command for each service, a theatre commander would possess integrated control over Army, Navy, and Air Force resources in that theatre. The objective is speed, coordination, optimal resource utilisation, and unified strategic response. The success of integrated operational planning during exercises and live contingencies over the past few years has reinforced the urgency for such restructuring. Operation Sindoor, in particular, demonstrated how future conflicts involving Bharat may not remain confined to conventional battlefield engagement. Information warfare, drone swarms, cyber disruption, satellite intelligence, electronic warfare, precision targeting, logistics resilience, and narrative dominance all became integral components of operational success. One of the biggest lessons from Operation Sindoor was that modern warfare rewards integration, not institutional ego. The operation highlighted the importance of unified intelligence fusion, rapid decision-making, synchronised logistics, and joint operational execution. It also underlined the need for a CDS who understands not merely military command, but strategic coordination across agencies and ministries. In this regard, Lt Gen Raja Subramani’s recent role as Military Adviser to the National Security Council becomes particularly important. Working closely with Ajit Doval and coordinating among the armed forces would have exposed him to the strategic and political dimensions of integrated national security decision-making. This experience could prove invaluable as Bharat moves closer toward operationalising theatre commands. The conversation around whether the post of CDS should become rotational after theatre integration is also gaining prominence. Some strategic thinkers argue that once the armed forces are fully integrated under theatre structures, the CDS position could rotate among the Army, Navy, and Air Force. Others contend that rotational appointment should never become a rigid rule. Instead, the choice should depend on the “need of the hour” and the strategic environment confronting Bharat at a given moment. That argument carries merit. A nation facing high-altitude continental tensions with China, active Western Front threats from Pakistan, maritime competition in the Indian Ocean Region, and hybrid warfare challenges cannot afford symbolic appointments. Capability and suitability must outweigh formula-driven rotational logic. Military leadership cannot become an exercise in bureaucratic balancing when national security realities remain dynamic and unforgiving. The timing of this appointment is equally significant. Bharat is entering a decisive phase in military transformation. Indigenous defence manufacturing is accelerating. Integrated battle groups are being refined. Maritime strategy is expanding from the Arabian Sea to the Indo-Pacific. Space and cyber commands are evolving. Drone warfare and AI-assisted battlefield systems are redefining tactical thinking. Simultaneously, adversaries are investing heavily in grey-zone warfare, information operations, and strategic coercion. The CDS of the future will therefore not merely be a senior military officer. He will effectively function as the architect of integrated national military power. Questions have also emerged regarding the tenure structure of the new CDS. Interestingly, while the government publicly indicated the retirement timeline of Vice Admiral Krishna Swaminathan, no such retirement date was immediately specified for General Raja Subramani as CDS. This has naturally generated curiosity within strategic circles. Some interpret this as an indication that continuity may be prioritised during the crucial transition toward theatre command implementation. If so, the message is clear: Bharat’s defence reforms are entering a serious execution phase. The appointment ultimately reflects a broader recognition within the Bhartiya strategic establishment — that future wars will not be won merely by bravery at the border, but through integrated national power, institutional synergy, technological adaptation, and rapid strategic coordination. Operation Sindoor demonstrated the possibilities of such integration. The next CDS may now be tasked with institutionalising it permanently. Jai Hind

May 11, 2026
Mukul Asher

Changes in Stock Market Capitalisation Between 2006 and 2026 Reflect Global Economic Dynamism

This column argues that one aspect of changing global economic dynamism is the changing stock market capitalisation of select countries between 2006 and 2026. Stock market capitalisation is the share price times the number of shares outstanding (including their several classes) for listed domestic companies. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies are excluded. Tables 1A and 1B provide a list of the top ten countries by stock market capitalisation in 2006 and 2026, respectively, a twenty-year period which is long enough to assess the changing dynamics of the global economy. Table 1A and 1B: Stock Market Capitalisation of Top Ten Economies in the World Table 1A1 Table 1B1 Based on the data in Tables 1A and 1B, the following observations may be made. Since 2006, the sheer scale of stock market capitalisation, and more broadly, financialisation of the global economy, has increased manifold. Thus, China’s equity markets did not rank among the top ten in 2006, but since then, they have grown by 25 times. As there is some overlap between the stock market capitalisation of China and Hong Kong, it is difficult to estimate the net figure. Their combined stock market capitalisation is over 100 per cent of their 2026 GDP. The Stock market capitalisation of the USA, by far the dominant stock market globally, with remarkable depth, grew by nearly five times between 2006 and 2026, to reach USD 75 trillion. This is nearly three -fifths of Global GDP, and 236 per cent of the USA’s GDP in 2026. In 2006, only two of the ten largest stock market capitalisations were by Asian countries. In 2026, the corresponding number is six out of ten. This has meant that the stock market capitalisation of Europe has lagged considerably. From six in 2006, only two countries from Europe are in the top ten by market capitalisation. Even this number is likely to decline. This is suggested while financialization has expanded vastly globally, the stock market capitalisation of London, reflected as the UK in the Tables, one of the major global financial centres, was USD 3.8 trillion in 2006 and USD 3.9 trillion in 2026, essentially remaining constant over twenty years. A major trend has been that those countries with globally competitive technology companies, including China, Taiwan, and South Korea, have exhibited remarkable improvement in their rankings. As of May 2026, the Asian companies to have reached or exceeded the US$1 trillion market capitalisation milestone are TSMC (Taiwan Semiconductor Manufacturing Company) and Samsung Electronics. Both companies have achieved this valuation, fuelled by massive demand for artificial intelligence (AI) chips and technology infrastructure. Resource-rich countries, such as Canada, have also exhibited high stock market capitalisation rankings. In the sharp increase in stock market capitalisation, the concentration of a few shares in market capitalisation has played an important role. Concentrated stock markets occur when a small number of companies or one or two sectors account for a disproportionate share of the overall market capitalisation and performance. This trend has recently reached historic highs, particularly in the US, with the top 10 stocks in the S&P (Standard and Poor) 500 index constituting around 40 per cent of its value. This phenomenon is driven by mega-cap technology companies’ outperformance, economies of scale, and increased investor risk exposure. With the debt of the USA reaching USD 39 trillion, with a high risk of refinancing of its debt, such high stock market concentration poses a particularly high risk to the domestic and global investors. Table 2 provides estimates of concentrated stock market indices as of early 2026. The data suggest that Nikkei 225 and FTSE 100 are even more highly concentrated than the S&P 500. Table 2: Highly Concentrated stock indices Globally2 Taiwan and South Korea also have highly concentrated stock markets, driven by a massive AI-fuelled surge in semiconductor and technology hardware companies. TSMC dominates Taiwan (30-35%+ market cap), while Samsung and SK Hynix anchor South Korea. Combined, they added over USD 4.6 trillion in value over the past year, helping the two countries to significantly improve their global positions in stock market capitalisation3. In 2006, India did not find a place in the top ten countries in stock market capitalisation, but in 2026, it ranked fifth, a remarkable rise. Its stock market capitalisation is around 120 per cent of its 2026 GDP. India does not have listed high-technology or AI companies like Taiwan and South Korea, but its stock market has a significant presence of large companies in the consumption, information technology services, and infrastructure sectors. Increasingly, defence sector companies are also becoming prominent in the stock market. Moreover, it has consistently been growing well above the global average and well above its peers, and this trend is likely to continue. It is in the early stages of nurturing technology companies as well. There are at least four chip fabrication plants under construction involving partnerships between global leaders and Indian companies. The prospects of India remaining in the top 10 countries by the stock market capitalisation are therefore promising. To conclude, a comparison of the top 10 countries by stock market capitalisation does indicate a rising role of Asian countries, with a relative decline of countries in Europe; the importance of technology and AI companies in stock market valuation; and increasing concentration in stock markets, portending difficult challenges for policymakers and higher risks for investors globally. References https//x.Com/DavidinglesTV- Accessed on May 10 2026 https://www.trustnet.com/news/13463229/the-most-concentrated-equity-markets-in-the-world-and-its-not-the-us Accessed on 10 May 2026 https://www.moneycontrol.com/news/business/earnings/ai-driven-rally-puts-taiwan-korea-within-striking-distance-of-india-s-m-cap-13909575.html-Accessed on 10 May 2026