Report

Institute for Future Strategy, Seoul National University — Economic Security Cluster
Qualitative Analysis Team Report (12 Countries)
India’s Economic Security

The Economic Security Cluster at the Institute for Future Strategy (IFS), Seoul National University organized a research team composed of current and former officials from the Ministry of Foreign Affairs to assess and summarize the economic security landscape of twelve major countries closely linked to Korea.

Under the leadership of Prime Minister Narendra Modi, India has emerged as the world’s fifth-largest economy and a rapidly growing hub for semiconductors, green energy, IT, and biotechnology. This report analyzes India’s economic landscape through a SWOT framework, offering insights into the direction of Korean investment and cooperation strategies in India. It also examines India’s current developments from an economic security perspective and proposes five future-oriented areas of bilateral cooperation.

India’s key strengths include a favorable demographic structure, strong IT and digital competitiveness, the expansion of the Production-Linked Incentive (PLI) scheme, increased infrastructure investment, and the government’s active pursuit of a green energy transition. However, structural limitations such as contract enforcement delays and insufficient public investment in energy, health, education, and R&D remain notable challenges.

India is rapidly positioning itself as a global manufacturing hub and as an alternative to China. Its core national strategy centers on reducing external dependency in critical sectors and achieving strategic autonomy through policies such as “Self-Reliant India” (Atmanirbhar Bharat), supply chain diversification, and energy security initiatives.

Building on these analyses, the report identifies five strategic pillars for Korea–India cooperation:

1. Defense and security collaboration;

2. Stabilization of global supply chains;

3. Digital and IT partnership;

4. Skilled labor exchange and training cooperation;

5. Energy cooperation and sustainability transition.

The study emphasizes that linking India’s expanding labor force with Korea’s technological and industrial strengths can create a mutually reinforcing partnership. Ultimately, India is positioned as both a key economic security hub and a strategic partner for Korea in the post-COVID global order, offering opportunities to strengthen resilience, innovation, and shared prosperity.

Keywords:
India, economic security, Korea–India cooperation, supply chain restructuring, energy security, manufacturing development, digital economy, Self-Reliant India, PLI scheme, defense cooperation