This paper examines the nature of the emerging international security system and its positive and negative implications for India's security calculus. The key features of the international security system are confrontation, and cooperation and accommodation, and these often up several possibilities of threats, challenges and opportunities for India. To India's credit, despite the worsening of its geo-strategic environment, the country's policy-making structures have displayed the capacity to remain flexible and responsive to changes for furthering its security and national interests.