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चैत्र कृष्ण पक्ष, शुक्रवार, चर्तुथी

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China, US and India are world economic powers of the future


Date:- 04 Jul 2018


Elizabeth   

The three new world economic powers of the future are China, the US and India, with the relationship between the Asian giants holding the key to stability in the new world order shaped by the triangular relationship among the three.

In the past, India was viewed as an “irritant” in the international order given its espousal of non-alignment, but now, India is being viewed as strategic because of its economic weight.

These were some of the observations of Jagdish Sheth, the Charles H. Kellstadt Chair in Marketing at the Goizueta Business School of the Atlantabased Emory University. He was speaking on the “Role of India in the Global Order” at an event in New Delhi.

Several projections, including one by the United States Department for Agriculture Economic Research Service (USDA) last year, have projected the Indian economy to reach $6.84 trillion by 2030— making it bigger than that of the economies of Japan and Germany. India’s fast growing young population is perceived to help the country outpace ageing developed nations. Besides this, rising aspirations in the world’s second-most populous country is driving demand for a range of consumer products like mobile phones, electronic goods, cars and houses.

According to Sheth, the new emerging world order will consist of three poles—China, the US and India. “This is the new power play that will shape the European Union on one hand, shape the Association of Southeast Asian Nations and definitely shape Africa,” he said.

 

With the US-China relationship stressed by Beijing overtaking Washington in all areas including military, technology and innovation, it will be the India-China equation that will hold the key in this triangular setting. “The problem is that in a trilateral relationship, you have to have some harmony; otherwise, coalitions will form,” Sheth said adding: “So the India-China relationship becomes strategic out of nowhere.”

Elizabeth.r@livemint.com NEW DELHI

Courtesy: Mint: 4 Jul 2018