IPEF AND INDIA'S RENEWED ECONOMIC AND GEOPOLITICAL ENGAGEMENT IN THE INDO-PACIFIC REGION

The initiative known as the Indo-Pacific Economic Framework (IPEF) for Prosperity is primarily led by the United States (US) and integrates economic and geopolitical aspects. India’s involvement in IPEF is motivated by the broader strategic framework. India expects the IPEF to mobilise inbound investments, integrate the country more deeply into global supply chains, and provide long-term, low-cost climate finance. However, there are several difficulties as well. India has yet to fully participate in the Trade Pillar of the IPEF and maintains observer status. Still, the significant outcome of the Supply Chain Pillar of the IPEF suggests that export limits may be loosened and tariffs may be changed with advance notice. India expects the IPEF to develop into an innovative framework to support the US' renewed economic engagement in the Indo-Pacific, promote regional competition, and collaboratively address emerging worldwide challenges, even though it might heighten rivalry between the US and China. The article, therefore, attempts to answer the following research question, focusing on India vis-à-vis IPEF: What is the geopolitical context in which IPEF has been formed by the US and joined by India? What are India's potential benefits and challenges within the IPEF framework? Moreover, how does the IPEF align with India's strategic interests in the Indo-Pacific region? These questions can comprehensively analyse India's involvement in the IPEF, examining its economic and geopolitical dimensions.