India’s leadership important for Asia’s future | Asian Century

Asian Century:

• The Asian Century refers to the dominant role that Asia is expected to play in the 21st century due to its burgeoning economy and demographic trends. The concept of the Asian Century gained credence following the rapid economic growth of China and India since the 1980s, which propelled both of them to the ranks of the world’s largest economies.
• Asia was a major driving force of the world’s economy for most of human history. Then in the 19th century, western economies, powered by the Industrial Revolution, took over.
• Over the past few decades, talk of Asia stealing back its crown as the engine of global economic growth has gained momentum. Many believe that the 19th century belonged to the United Kingdom, and the 20th century to the United States. 19 >uk is 20th Us Now economists are speculating that the 21st century is destined to become the “Asian Century.”

Estimates by Asian Development Bank :

• A 2011 study by the Asian Development Bank found that 3 billion Asians (so 56.6% of the estimated 5.3 billion total inhabitants of Asia by 2050) could enjoy living standards similar to those in Europe today, and the region could account for over half of global output by the middle of this century.

Seven Pillars of Asian Century –

• Free-market economics
• . Science and technology
• Meritocracy
• Pragmatism
• Culture of peace
• Rule of law
• Education

Why India should lead Asian Century:

• A Leader Historically In the initial years of independence, despite its inexperience, domestic concerns, and an increasingly unfavourable international scenario, India made significant contributions to Asian solidarity, and peace-building efforts. India sponsored the first Asian Relations Conference (ARC) in New Delhi from March 23 to April 2, 1947, with the goal of promoting cultural, intellectual, on social exchange between Asian countries.

Case of Bangladesh

• India’s role in the creation of Bangladesh in 1971 was a watershed moment. Despite strong opposition from the United States, China, and the rest of the international community, India single-handedly liberated East Pakistan from the clutches of an oppressive West Pakistan, After the triumph, even key US officials admitted that India had become a key regional power.

Economic Power

• India offers three major ingredients to the broader Asian economy S Services which account for 53% of India’s GDP A young labour force ,younger than China’s median age by around ten years New markets for the rest of the region.

India as a “Big Brother”

• India is perceived as a rising power, capable of offering economic opportunities as well as being a security provider in the region. Security As new traditional and non-traditional security threats emerge, including a rising China, terrorism, climate change, pandemics, and other challenges, India has been relied upon to provide relief and provide a power balance.
• India’s policies such as “Neighborhood First Policy” or the ideal of “Vaudebh Kutumbhkam”, continues to be a norm builder. India has constantly spoken about issues of the developing and underdeveloped world on the global stage. Additionally, whether it’s COVID-19, Disaster or an economic crisis, India has stood out and helped the nations in crisis. Sri Lanka & Pakistan are recent examples

Why China shouldn’t lead the Asian Century:

Unsustainable Political System

• President Xi Jinping’s administration appears to have abandoned former policies of rule by consensus. Tric Crackdowns on hyper-rich Chinese businessmen; strict adherence to Marxist-Leninist ideology and the purging of political rivals are not signs of a healthy political system. Many large-scale protests a year have been reported in China as people call for more resources at home and an end to rampant corruption that favors the few rather than the many.

Unhealthy Economy

• Today China is facing a series of economic problems: • An internal financial system with huge debt Shadow banking A possible real-estate bubble Slow real annual economic growth Suboptimal standards of living.

Ageing population

• The “one-child” policy has led to an ageing population, in which the ratio of retirees to workers is headed in the wrong direction. This translates into: Workers High burden on earning class > low saving rate > shrinking economy.

Unfriendly Relations

• If we put internal problems aside and look external position of China, it is no good there as well. China pursues hostile nature in South-China Sea, aggression on Taiwan & expansionary vision towards India. China’s this foreign policy approach projects it as a ‘Conqueror’ not as a ‘Leader’.
• Moreover, China’s decision to reject loan waiver during Sri’ Lanka’s economic crisis, displays its betrayal nature. This certainly is not a characteristic of a ‘Leader’