India, officially the Republic of India, has full diplomatic relations with 201 states, including Palestine, the Holy See, and Niue. The Ministry of External Affairs (MEA) is the government agency responsible for the conduct of foreign relations of India. With the world's third largest military expenditure, second largest armed force, fifth largest economy by GDP nominal rates and third largest economy in terms of purchasing power parity, India is a prominent regional power and a rising superpower.
Superpower describes a state or supranational union that holds a dominant position characterized by the ability to exert influence or project power on a global scale. This is done through the combined means of economic, military, technological, political, and cultural strength as well as diplomatic and soft power influence. Traditionally, superpowers are preeminent among the great powers. While a great power state is capable of exerting its influence globally, superpowers are states so influential that no significant action can be taken by the global community without first considering the positions of the superpowers on the issue.
In international relations, power is defined in several different ways. Material definitions of state power emphasize economic and military power. Other definitions of power emphasize the ability to structure and constitute the nature of social relations between actors. Power is an attribute of particular actors in their interactions, as well as a social process that constitutes the social identities and capacities of actors.
A great power is a sovereign state that is recognized as having the ability and expertise to exert its influence on a global scale. Great powers characteristically possess military and economic strength, as well as diplomatic and soft power influence, which may cause middle or small powers to consider the great powers' opinions before taking actions of their own. International relations theorists have posited that great power status can be characterized into power capabilities, spatial aspects, and status dimensions.
In international relations, a middle power is a sovereign state that is not a great power nor a superpower, but still has large or moderate influence and international recognition.
Jagdish Natwarlal Bhagwati is an Indian-born naturalized American economist and one of the most influential trade theorists of his generation. He is a University Professor of economics and law at Columbia University and a Senior Fellow in International Economics at the Council on Foreign Relations. He has made significant contributions to international trade theory and economic development.
The economy of Asia comprises about 4.7 billion people living in 50 different nations. Asia is the fastest growing economic region, as well as the largest continental economy by both GDP Nominal and PPP in the world. Moreover, Asia is the site of some of the world's longest modern economic booms.
BRIC is a term describing the foreign investment strategies grouping acronym that stands for Brazil, Russia, India, and China. The separate BRICS organisation would go on to become a political and economic organization largely based on such grouping.
The Asian Century is the projected 21st-century dominance of Asian politics and culture, assuming certain demographic and economic trends persist. The concept of Asian Century parallels the characterisation of the 19th century as Britain's Imperial Century, and the 20th century as the American Century.
The Indian Century is a neologism suggesting that the 21st century will be dominated by India, as the 20th century is often called the American Century, and the 19th century as Pax Britannica, as the 17-18th centuries dominated by France and the 15-16th centuries dominated by Spain. The phrase is used particularly in the assertion that the economy of India could overtake the economy of the United States and economy of China as the largest national economy in the world, a position it held from 1 to 1500 CE and from 1600 to 1700 CE.
Jagdish N. Sheth is the Charles H. Kellstadt Professor of Marketing at the Goizueta Business School of Emory University. He was a prominent member of the core team during the initial years of the Indian Institute of Management Calcutta, the first Indian Institute of Management. Prof. Sheth was awarded by Padma Bhushan 2020 for his work in literature & education in United States.
The Tiger Cub Economies collectively refer to the economies of the developing countries of Indonesia, Malaysia, the Philippines, Thailand and Vietnam, the five dominant countries in Southeast Asia.
The Chinese Century is a neologism suggesting that the 21st century may be geoeconomically or geopolitically dominated by the People's Republic of China, similar to how the "American Century" refers to the 20th century and the "British Centuries" to the 18th and 19th, same in the 17-18th centuries dominated by France and the 15-16th centuries dominated by Spain. The phrase is used particularly in association with the prediction that the economy of China may overtake the economy of the United States to be the largest in the world. A similar term is China's rise or rise of China.
Several commentators suggest that India has the potential to become a global superpower, a state with an extensive ability to exert influence or to project power in much of the world. Factors that contribute to a nation acquiring such a status can be economic, political, demographic, military, and cultural.
A potential superpower is a state or other polity that is speculated to be or have the potential to become a superpower, a state or supranational union that holds a dominant position characterized by the ability to exert influence or project power on a global scale through economic, military, technological, political, and/or cultural means.
Globalization is a process that encompasses the causes, courses, and consequences of transnational and transcultural integration of human and non-human activities. India had the distinction of being the world's largest economy till the end of the Mughal era, as it accounted for about 32.9% share of world GDP and about 17% of the world population. The goods produced in India had long been exported to far off destinations across the world; the concept of globalization is hardly new to India.
The Mumbai Consensus is a term used to refer to India's particular model of economic development, with a "people-centric" approach for managing its economy which may be taken up by other developing nations in time. Indian model of economic growth, which relies on its domestic market more than exports, boosted domestic consumption rather than investment, pursued service-oriented industries rather than low-skilled manufacturing industries, and has greatly differed from the typical Asian strategy of exporting labor-intensive, low-priced manufactured goods to the West. This model of economic development remains distinct from the Beijing Consensus with an export-led growth economy, and the Washington Consensus focused instead on encouraging the spread of democracy and free trade.
Urbanization in India began to accelerate after independence, due to the country's adoption of a mixed economy, which gave rise to the development of the private sector. The population residing in urban areas in India, according to the 1901 census, was 11.4%, increasing to 28.53% by the 2001 census, and is now currently 34% in 2017 according to the World Bank. According to a survey by the United Nations, in 2030 40.76% of country's population is expected to reside in urban areas. As per the World Bank, India, along with China, Indonesia, Nigeria, and the United States, will lead the world's urban population surge by 2050.
Jagdish Sheth School of Management is a business school in Bangalore, India. It was founded in 1995 and is located in Bangalore, popularly known as the Silicon Valley of India. The institute is located in Electronic City, one of India's largest industrial parks.
