India-China rivalry

THE CORNER ORACLE

- ANDREW J. MASIGAN

India and China are in fierce competition to become the second global superpower. Although China is clearly the stronger nation today, India is catching up fast with its strong economy, military buildup, and diplomatic offensive.

India's rise comes at an opportune time. China's economy is on a downward spiral as it struggles with crippling debt, declining foreign investments, and capital flight in the trillions of dollars. It is plagued with high youth unemployment, a property bust, diminished household wealth, low consumer demand, and the prospect of deflation. On top of these, China faces a demographic time bomb.

In terms of diplomatic relations, China's bad behavior in trade and refusal to abide by the rule of law have earned it a reputation as a pariah state. Its multiple and simultaneous territorial grabs, acts of aggression, debt traps, and support for Russia's invasion of the Ukraine have caused it to become increasingly isolated from law-abiding states.

India, on the other hand, is growing from strength to strength. It has overtaken China as the world's most populous nation with 1.43 billion consumers. It has emerged as the fifth largest global economy and continues to grow at a rate of six to seven percent annually. Today, India ranks fourth in the global firepower and military power index. It ranks 11th in diplomatic strength. It ranks fourth in innovation and technology. It is the seventh nation with the most technology patents filed. India is also the eighth largest recipient of foreign direct investments.