New Delhi: India achieved a new milestone on Wednesday as it overtook Asian powerhouse Japan in the 2024 Asia Power Index rankings by the Lowy Institute, which is based on regional influence as well as resource capabilities. India now ranks third behind the US and China on the Asia Power Index with a power score of 39.1
India’s post-pandemic recovery drove up its rankings backed by a 4.2 point rise in the Economic Capacility Score, according to the Lowy Institute. India has emerged as the world’s third-largest economy in terms of purchasing power parity. India is poised to reinforce its economic position in the region backed by consistent GDP growth and a rising population.
India also ascended the rankings in terms of Future Resources on the basis of its demographic heft compared to the ageing populations of China and Japan. India’s future rankings score rose by 8.2 per cent in 2024. India’s diplomatic heft also showed a positive trend backed by its ability to deftly navigate complex geopolitical equations.
India’s economic and defence influence reported a mixed bag, according to the report, with the economic relationships score slipping as Indonesia overtook the country on account of lower-level integration is Asian peers. India’s Defence Networks ranking slipped to the 9th spot behind Indonesia since it continues to exercise a non-aligned stance and a cautious outlook towards an alliance with the US.
Lowy Institute Asia Power Index 2024 rankings
Rank
Country
1
US
2
China
3
India
4
Japan
5
Australia
6
Russia
7
South Korea
8
Singapore
9
Indonesia
10
Thailand
India overtook Japan in the Australia-based Lowy Institute’s Asia Power Index rankings as it showed strong signs of economy recovery, a demographic advantage over peers and a dynamic diplomatic stance. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
