Research
- +16
Stewart Patrick, Erica Hogan, Oliver Stuenkel, …
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Source: Getty
In The Media
India and Indonesia Can Be Big Winners From Global Trade War
The potential is clear for both India and Indonesia to transform their demographic booms into engines of domestic demand while positioning themselves as alternatives to China for labor-intensive manufacturing.
By Trinh Nguyen
Published on Sep 25, 2019
Source: Financial Times
At last, long-suffering investors in India’s economy have something to cheer about. On Friday, the country announced steep corporate tax cuts, sending the value of its main stock index up 6 per cent in dollar terms on the day and another 3 per cent on Monday.
The tax cut is significant, with the rate for manufacturing now on a par with low-rate jurisdictions such as Singapore. The message is that India is open to business, and that it aims not just to assuage investors’ concerns but to set a new path for growth. India’s prime minister Narendra Modi has been meeting investors and Indian diaspora on a US tour this week to make sure the message gets through.
It is about time. In a low-growth world, India and its regional neighbour Indonesia became investor favourites, boasting a combination that the developed world lacks: large populations and favourable demographic trends...
This article was originally published in the Financial Times.
About the Author
Trinh Nguyen
Former Nonresident Scholar, Asia Program
Trinh Nguyen was a nonresident scholar in the Asia Program at the Carnegie Endowment for International Peace.
- BRICS Expansion and the Future of World Order: Perspectives from Member States, Partners, and Aspirants
- Indonesia’s Controversial Fuel Price Hike Was Actually NecessaryCommentary
Trinh Nguyen
Recent Work
Carnegie India does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.
More Work from Carnegie India
- Emerging From the “Zombie State” of Trade Agreements: The India-EU FTACommentary
The India–EU Free Trade Agreement (FTA) is shaping up to be one of the most consequential trade negotiations, both economically and strategically. But, what’s in the agreement, what’s missing, and what will determine its success in the years ahead
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Drawing on ten public discussions from the India AI Impact Summit 2026, this article highlights key outlooks on open source in AI that are likely to shape policy and governance conversations going forward.
Shruti Mittal
- For People, Planet, and Progress: Perspectives from India's AI Impact SummitResearch
This collection of essays by scholars from Carnegie India’s Technology and Society program traces the evolution of the AI summit series and examines India’s framing around the three sutras of people, planet, and progress. Scholars have catalogued and assessed the concrete deliverables that emerged and assessed what the precedent of a Global South country hosting means for the future of the multilateral conversation.
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Nidhi Singh, Tejas Bharadwaj, Shruti Mittal, …
- India’s Press Note 3 Gamble: Opening the FDI Door to ChinaArticle
On March 10, 2026, India’s Union Cabinet approved amendments to Press Note 3, a regulation that mandated government approval on all foreign direct investment (FDI) from countries sharing a land border with India. This amendment raises questions primarily about whether its stated benefits will materialize and if the risks have been adequately weighed. This piece will address the same.
Konark Bhandari
- The Coming of Age of India’s Nuclear TriadCommentary
The induction of INS Aridhaman, which features several technological enhancements, now gives India the third nuclear ballistic missile submarine to ensure continuous at-sea deterrent.
Dinakar Peri
