India has ranked fourth out of 25 nations in the Asia-Pacific region on an index that measures their overall power, with the united states being pegged as a “giant of the future” but trails behind in indicators of defence networks and economic relationships.
The Lowy Institute Asia Power Index measures power across 25 countries and territories in the Asia-Pacific region, reaching as far west as Pakistan, as far north as Russia, and as far in to the Pacific as Australia, New Zealand and the US.
A country’s overall power is its weighted average across eight measures of power – economic resources, military capability, resilience, future trends, diplomatic influence, economic relationships, defence networks and cultural influence.
India is ranked fourth overall on the inaugural index by The Lowy Institute, an Australian think tank.
Japan and India share major power status. Tokyo is a smart power, while New Delhi is a huge of the future, the report said. Among the key findings from the inaugural 2018 index are that the US remains the pre-eminent power in Asia, while China, the emerging superpower, is rapidly closing in on the United States.
“Three of the world’s four largest economies come in Asia, and the fourth, the United States, is a Pacific power. By 2025, two-thirds of the world’s population will live in Asia, compared with only over a tenth in the West, the Institute said.
Asia’s economic transformation is reshaping the global distribution of power, changing the way the region and indeed the planet works politically and strategically. In the same way significantly, tensions between Asian powers will define war and peace in the twenty-first century, it added.
India is ranked fourth on the parameters economic resources, military capability, diplomatic influence and fifth on resilience.
It scores well on the parameters of cultural influence and and future trends, ranking third in both. However, it scores low on the measure of economic relationships, ranking 7th and in defense networks, ranking 10th.
Lowy said economic relationships is measured in terms of the capability of states or territories to exercise influence through economic interdependencies; measured in terms of trade relations, investment ties and economic diplomacy.
Defence networks are defence partnerships that act as force multipliers of military capability; measured through assessments of alliances, non-allied partnerships and arms transfers.
Cultural influence is defined as the capability to shape international public opinion through cultural appeal and interaction; measured in terms of cultural projection, information flows and people exchanges.
Future trends may be the projected distribution of economic, military and demographic resources in 2030, which play into perceptions of power today; measured in terms of GDP, military expenditure and working-age population forecasts.
The report said that India ranks third for the aggregate resources score and is defined to end up being the fastest-growing economy in the region, predicted to develop 169 per cent between 2016 and 2030. In addition it stands to gain an additional 169 million individuals to its working-age population by 2030.