India has ranked fourth out of 25 nations in the Asia-Pacific region on an index that measures their overall power, with the country 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 into the Pacific as Australia, New Zealand and the US.

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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 giant 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 are 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 just over a tenth in the West,” the Institute said.

Just as significantly, tensions between Asian powers will define war and peace in the 21st century, it added.

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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 future trends, ranking third in both. However, it scores low on the measure of economic relationships, ranking 7th and in defense networks, ranking 10th.

The report said that India ranks third for its aggregate resources score and is set to become the fastest-growing economy in the region, predicted to grow 169 per cent between 2016 and 2030. It also stands to gain an additional 169 million people to its working-age population by 2030.