Pahalgam attack in Kashmir has once again brought the India-Pakistan relationship into sharp focus. In the aftermath of such violent incidents, there is often a renewed scrutiny of the strategic levers both states hold over each other. One such lever—frequently invoked in times of heightened tensions—is the Indus Waters Treaty (IWT) of 1960. Signed with World Bank mediation, the IWT is widely regarded as one of the most successful water-sharing agreements in history. Despite multiple wars and skirmishes, the treaty has endured. But with accelerating climate stress, dwindling water resources, and shifting geopolitical dynamics, its resilience is being tested like never before.