The inaugural Asia Power index by the Lowy Institute, an Australian think tank, has ranked India at the 4th position among 25 nations in the Asia Pacific region.
The index measures the overall power of 25 countries and territories across the Asia-Pacific region including nations such as Pakistan, Russia, Australia, New Zealand and the United States.
How is the index measured?
The index measures a country's overall power through its weighted average across eight measures of power - economic resources, military capability, resilience, future trends, diplomatic influence, economic relationships, defence networks and cultural influence.
Key findings of the report
• The index revealed Japan and India to be countries sharing major power status.
• While the report labeled Japan as a smart power, it called India the giant of the future.
• It also found that US remained to be the pre-eminent power in Asia, while China, the emerging superpower, was found to be rapidly closing in on the United States.
• The report revealed that three of the world's four largest economies are in Asia, and the fourth, the United States, is a Pacific power.
• It also stated that by 2025, two-thirds of the world's population will live in Asia, compared to just over a tenth in the West.
• India was ranked fourth on the parameters of economic resources, military capability and diplomatic influence. It was ranked fifth on resilience.
• However, on the parameters of cultural influence and future trends, India scored well by ranking third in both.
• India scored low on the measure of economic relationships and defense networks, ranking 7th and 10th respectively.
Economic relationships: They are measured in terms of the capacity of states or territories to exercise influence through economic interdependencies; measured in terms of trade relations, investment ties and economic diplomacy.
• The report ranked India at the 3rd position for its aggregate resources score.
• According to the report, India is set to become the fastest-growing economy in the region, predicted to grow 169 per cent between 2016 and 2030.
• India is also expected to gain an additional 169 million people to its working-age population by 2030.
• However, India trails behind in indicators of defence networks and economic relationships.
Ranks of other nations
• The US claimed the top spot in five of the eight Index measures and a 10-point lead over China in overall power.
• The country retains the most powerful military force in Asia and is at the centre of a network of regional alliances that China cannot match. It has a 65-point lead over China in defence networks.
• However, in terms of economic relationships the US lags China by more than 30 points.
• Future trends also point towards a relative decline in US power even though the nation continues to outspend China in military expenditure.
• China held top-two positions across all but one measure and ranked first in economic relationships, diplomatic influence and future trends.
• Further, nations including Russia, Australia, South Korea, Singapore, Malaysia, Indonesia, Thailand, New Zealand, Vietnam, Pakistan, Taiwan, Philippines and North Korea were ranked as middle powers, while nations such as Bangladesh, Brunei, Myanmar, Sri Lanka, Cambodia, Mongolia, Laos and Nepal were ranked as minor powers.