Can India Overtake China and Become Asia’s Economic Engine?

A customer checks a gold necklace before buying it at a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival in Kolkata, India, on May 3, 2022. Rupak De Chowdhuri/Reuters

Commentary

U.S. President Joe Biden launched the Indo-Pacific Economic Framework for Prosperity (IPEF) on May 23. The pact, we’re told, “seeks to strengthen economic partnership among participating countries with the objective of enhancing resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region.”