According to Australia-based think tank Lowy Institute's

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According to Australia-based think tank Lowy Institute's 2023 Asia Power Index, the gap between India's resources and its influence in Asia is widening.India is the fourth most powerful country in Asia, but it exerts less influence than expected given its available resources. The United States of America (USA) holds the most power in Asia, followed by China and Japan.   This analysis reveals India to be an underachiever, performing less well than would be expected based on its size and available resources. Despite a small uptick in 2022, India's Power Gap has on balance deteriorated over five years, and now stands at -2.8 points.In the index, India scored 36.3 points based on eight parameters: economic capability, military capability, resilience, future resources, economic relationships, defence networks, diplomatic influence and cultural influence. In the report, the countries with a score of more than 70 were categorised as "Superpowers". The USA and China were the only superpowers, with scores of 80.7 and 72.5, respectively. Japan, with 37.2 points, stood in the third spot. Both Japan and India were categorised as the "Middle powers".