This chapter revisits the Indus Waters Treaty (IWT) of 1960 between India and Pakistan, often regarded as a rare example of cooperation amidst a troubled bilateral relationship. While the Treaty divided the Indus River system to provide a clear framework for water sharing, it has over time struggled to respond to emerging challenges, particularly those posed by environmental degradation, changing hydrological patterns, and growing political tensions. Through a close reading of the Treaty’s provisions and its implementation over the decades, the paper explores the growing perception of India as a hydro-hegemon and reflects on how the Treaty, though praised for its resilience, has also deepened some of the existing divides. It draws attention to the voices and concerns of people in Kashmir, whose lands and lives are most affected, yet who have remained largely outside the Treaty’s framing. In light of recent developments, especially the abrogation of Article 370 and the 2025 suspension of the Treaty following a terror attack in Pahalgam, India, the paper asks whether the IWT, conceived in a very different time, can still serve its intended purpose. It suggests that for the Treaty to remain meaningful, it must evolve through inclusive dialogue, scientific foresight, and a renewed commitment to the well-being of the people who depend on the shared waters of the Indus Basin.