India, June 30 -- India will become the fourth largest economy in the world at the end the year and is poised to become the 3rd largest in the coming years-a milestone for us to be proud of as a nation. While the low GDP per capita remains a concern, the country's growing economic strength will have significant foreign policy implications. It will enable India to allocate more resources towards defense, security, and expand its diplomatic engagements. But the question we must ask is whether the Indian economy can eventually influence the global economic order and shape international economic outcomes.

The challenge with India's current ranking as the world's fourth-largest economy is that it reflects primarily the size of the market, wor...