About India 3rd Powerful Nation in Asia: UPSC Current Affairs

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Context:

India surpassed Japan to become the third-largest power in the Asia Power Index 2024.

Details

The Asia Power Index 2024 ranked India as Asia's third-largest power. The United States remains at the top of the rankings, followed by China.

The ranking of India reflects its expanding regional strength, largely due to its post-pandemic economic recovery, future potential, and growing diplomatic influence.

India's large population and fast-growing GDP placed it as the world’s 3rd largest economy in terms of purchasing power parity (PPP). The report also highlighted that India's influence doesn’t match its resource potential.

Important factors behind India's progress:

India has seen a rapid post-pandemic economic growth that contributed to an increase in economic potential. India's large population and strong GDP growth reinforce its status as the world's third-largest economy in terms of PPP.

India's demographic dividends are different from regional competitors, especially China and Japan. India will benefit from its young population and will expand the labour force and support future economic growth.

India's influence in the region has increased due to its flexible diplomatic policy on multilateral platforms and the dynamic nature of bilateral engagement has improved the overall influence of India.

The increasing role of India in multilateral diplomacy and security cooperation is an important factor that improved its influence. Engagement with QUAD countries and Brahmos deals with the Philippines have allowed India to play a significant role in the Indo-Pacific region.

Overall, growing economic power, large population, flexibility in International diplomatic relations and cultural influence through a large diaspora have increased India’s influence at the global level.

About Asia Power Index

It is released by the Lowy Institute, an Australian think tank.

It measures 27 countries and their influence in the region.

It includes economic power, military capabilities and diplomatic space.

Criteria and Parameters
Resource-based Parameters	Economic Capability: It is measured through indicators like GDP at purchasing power parity (PPP), technological sophistication, and global economic connectivity. Military Capability: Military strength is evaluated based on defence spending, armed forces, weapon systems, and signature capabilities like long-range power projection. Resilience: It is measured through the internal capacity to counter threats to maintain state stability, including geopolitical security, and resource security. Future Resources: It forecasts the future distribution of resources, including economic, military, and demographic factors projected for 2035.
Influence-Based Parameters	Economic Relationships: It measures the capacity to exercise influence through trade, investment, and economic diplomacy. Defense Networks: The strength of alliances and partnerships is measured through military cooperation and arms transfers. Diplomatic Influence: The extent of a country's diplomatic reach, participation in multilateral forums, and foreign policy ambition. Cultural Influence: The ability to shape international public opinion through cultural exports, media, and people-to-people ties.