How Global Conflicts are Rewiring the World’s Financial Architecture and India in this new world

In this episode, journalist and author Puja Mehra speaks with Hemant Mishr, Co-Founder and Group CIO of SCUBE Capital, and former Managing Director & Head- Financial Markets, South East Asia, SCCG at Standard Chartered Bank. They talk about how rising geopolitical tensions—from the Iran conflict to great-power rivalry—are beginning to reshape the foundations of the global financial system. They discuss how the post-1970s financial architecture was built on three pillars: globalization, a rules-based order backed by the United States, and relative geopolitical consensus.

Mishr explains how that system evolved around the oil shocks of the 1970s and the emergence of the petrodollar, which helped anchor the dominance of the US dollar and the recycling of global capital through American markets. But today, shifting power balances, the expanding use of financial sanctions, and growing geopolitical fragmentation are testing that framework.

What does this mean for the future of the dollar, global capital flows, and emerging economies like India?

Tune in for insights into how geopolitics is reshaping the world’s financial architecture.

SHOW NOTES

(00:00) Introduction 

(00:52) Pillars of Financial Architecture 

(02:18) Rise of the Petrodollar 

(03:25) Shift to Petrodollar 2.0 

(04:06) Three Scenarios for Finance 

(06:05) India’s Role as Swing State 

(07:25) Economic Impact of Oil Prices 

(09:37) Risks to Rupee and Remittances 

(11:02) Managing Complex Geopolitical Ties 

(12:59) Timelines for Market Recovery 

(16:17) Resilience of India’s Growth 

(18:31) Investing in Indian Markets 

(20:41) Lessons from China’s Model 

(22:49) Managing Exchange Rate Volatility 

(24:45) Deepening Local Credit Markets 

(26:23) China’s Strategic Currency Policy 

(29:57) Attracting Global Institutional Capital 

(32:21) Developing International Financial Hubs 

(34:24) Technology and Data Security

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