The Indus Waters Treaty is regarded internationally to be a successful instance of conflict-resolution between two countries that have otherwise been locked in mutual antagonism. That favorable view of the Treaty is by and large shared in India as well as in Pakistan, but there is a measure of dissatisfaction in both countries regarding matters of water-allocation in the Treaty. Furthermore, the operation of the Treaty has been characterized by a series of differences. Should we regard it as a success or a failure?