According to Asia Power Index listings released on September 24, India has broken all records and surpassed Japan, South Korea and Russia, becoming the third most powerful country in Asia.
Highlighting the shifting power dynamics in the region, the Ministry of Information and Broadcasting said in a release, “Increasing geopolitical stature, dynamic growth, youthful population, and expanding economy led to India’s steady rise in the regional power rankings. Witnessing a gradual rise, India is looking to achieve its full potential and exercise its influence in the region.’’
The annual Asia Power Index is corroborated by the Sydney-based Lowy Institute, an Australia-based think tank which evaluates 27 countries based on economic relationships, military capabilities, cultural influence, and political resilience. Asia Power Index 2024 covers six years of a comprehensive assessment of the changing power distribution in the region.
The U.S. has secured the top level at the Asia Power Index, wielding the most amount of power with a score of 81.7, followed by China with a score of 72.7, India stands at 39.1, Japan at 38.9, Australia at 31.9 and Russia at 31.1.
By showcasing strong growth in the form of a quick recovery from the repercussions of the COVID-19 pandemic, India has surpassed Japan.
Japan’s image as an economic and technological powerhouse is now changing to one much more active in the defence and security spheres.
Factors like stagnant economic trajectory combined with slow demographic growth have caused Japan to lose ground to rising giants like China and India.
India is right behind China whose power is neither increasing nor decreasing but plateauing.
China’s commanding economic clout is no longer on the growth trajectory due to Flatlining Economic Capability, driven by slower economic growth and longer-term structural challenges.
India showcases economic resurgence by witnessing a 4.2 boost in economic capability with an 8.2% growth rate driven by a strong Gross Domestic Product which has made it the third largest economy globally. Unlike the ageing population in the United States and China, India’s dynamic and youthful population is a huge driving force behind this expansion.
India’s labour force expansion and a burgeoning workforce in the coming decade can be attributed to a potential demographic dividend as reflected in India’s Future Resources score which has increased by 8.2 points.
India’s strong diplomatic relations with both the West and Russia at the same time depicts its non-aligned strategic approach allowing it to navigate complex international waters effectively.
