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The recent geopolitical dynamics have significantly affected the trade and investment landscape across countries. In view of the consequent realignments, various dimensions of trade and foreign investment require careful examination, and some of these dimensions constitute the theme of this issue of FOCUS.

The paper by Neeraj Emmanuel Eusebius examines the impact of India’s Production-Linked Incentive (PLI) scheme on export growth and import substitution and provides insights and policy recommendations for reducing India’s trade deficit. The findings of the study reveal that PLI scheme has played an important role in enhancing manufacturing and global integration, though challenges like low value addition persist. In a similar vein, Vandana Goswami, Prabha Rani and Manju Dubran contribute the paper on ‘Does migration affect growth? An empirical examination of the impact of remittances, foreign direct investments, and exports on economic growth’. They empirically examine the role of remittances received from Indian Diaspora residing in different countries, foreign investments and exports in fostering the economic growth of India. Jayanthi G., in her paper on ‘Balancing promises and pitfalls in India’s expanding trade relations with select Asian LDCs’ critically examines the trade dynamics of three South Asian LDCs - Bangladesh, Nepal, and Myanmar - focusing on their complex relationship with India. The paper finds that India’s engagement—through tariff preferences, infrastructure investment, and technical cooperation—creates enabling conditions for these economies but does not uniformly translate into poverty reduction without domestic readiness.

An interesting paper by Srinibash Dash undertakes a comparative study on the influence of globalization on capital market development in Southeast Asia taking the cases of India, Indonesia, and China. The findings of the paper reveal that India experiences the highest price index return volatility, Indonesia’s equity market demonstrates significant fluctuations, and China’s bond market exhibits pronounced instability. Apart from highlighting the influence of financial globalization on capital market performance, the paper underscores the importance of regulatory frameworks in mitigating risks.

In the contemporary world focusing on the dire need of sustainability strategies and decarbonization commitments by companies, K. S. Shibani Shankar Ray, Durga Madhab Mahapatra and Soumendra Kumar Patra explore the evolving landscape of corporate climate commitments with a focus on the Net Zero transition, as demonstrated through the strategic initiatives of General Motors and the investment philosophy of Generation Investment Management. Drawing on insights from both organizations, the paper examines how corporations are responding to the climate crisis by integrating sustainability into core business strategies.

This issue of FOCUS includes a case study by Sajeev Kumar B. and S. Priya on ‘Operational efficiency and service management practices of Dubai Islamic Bank: A driving force in the modern economic landscape of the UAE’. The authors employ secondary data from top Dubai Islamic Banks to analyse their impact on economic stability, financial inclusion, and service management practices. The paper also provides strategic recommendation to enhance the operational efficiency and service management practices of Dubai Islamic Bank.

With Artificial Intelligence (AI) and Machine Learning (ML) being widely employed across business domains and financial markets, Priyanka Jha and Shailashree V.T., through systematic literature review, underscore the need for Explainable AI (XAI) in a heterogeneous body of international regulations and diverse cultural landscapes. In their paper on ‘Bridging the Black Box: A systematic review of Explainable AI approaches in global financial market prediction and decision-making’, they discuss how XAI applications in areas like foreign exchange forecasting, international portfolio management, and geopolitical risk assessment can lead to informed international investment strategies and cross-border financial stability.

As the year 2025 comes to an end, I would like to take this opportunity to thank our Editorial team, authors and reviewers, for their unwavering support and encouragement. FOCUS has now successfully completed 12 years of regular, timely and quality publication. We hope to continue with this illustrious journey and elevate FOCUS to pre-eminence in the domain of international business.

Wishing all our readers a happy, healthy and prosperous 2026!

Prof. (Dr.) Niti Bhasin
Editor-in-chief