China’s sharp economic slowdown has raised alarm bells around the world.
But it has also thrown into relief the rise of another demographic powerhouse next door. The Indian economy grew at an impressive 7.8% annual rate in the second quarter of 2023 and the country recently reached an important milestone by becoming the first to land a spacecraft on the moon’s potentially water-rich south pole. And, India’s ascent, unlike China’s, has not been accompanied by an increasingly assertive foreign policy or an appetite for other countries’ territory.
As India’s geopolitical, economic and cultural clout grows, so does its global footprint. China’s “decline,” as some have begun to call the conclusion of the country’s four-decade-long economic boom, opens new opportunities for the Indian economy and other developing and emerging countries.