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India is predicted to become the world's third largest economy over the next ten to twenty years, with Prime Minister Narendra Modi's economic reforms and international engagement aiding this growth. Still, the nation faces significant hurdles such as domestic agricultural and manufacturing problems, international trade, the need for deep domestic economic reforms and the preservation of social stability in the face of internal divisions, which if unaddressed, could hinder India's journey towards true global power.
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Based out of the Crawford School of Public Policy within the College of Asia and the Pacific at the Australian National University, the Forum is a joint initiative of two academic research networks: the East Asian Bureau of Economic Research (EABER) and the South Asian Bureau of Economic Research (SABER). East Asia Forum is edited by Shiro Armstrong and Peter Drysdale.
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China’s Belt and Road Initiative (BRI) has proliferated to over 150 countries since its inception in 2013, yet its momentum has stalled without an institutionalised framework. Chinese President Xi Jinping has pledged to institutionalise the BRI, but this will be a challenging task given the top-down, opaque and ad hoc nature of BRI governance. China’s approach will likely fall short of creating a system-transforming multilateral institution. Instead, the BRI may evolve into a network of bilateral and limited multilateral arrangements focussed on specific issues.