Context:
Recently, Brand Finance published the 5th edition of the annual Global Soft Power Index (GSPI).
Key Highlights of the Index 2024
- India’s ranking on the Global Soft Power Index 2024 has fallen to 29th position from the 28th position it had secured in 2023.
The 5th annual global survey from Brand Finance ranks all 193 United Nations member states for the first time.
- The 1st edition of the Index was released in 2020.
- The United States and the United Kingdom are the most influential soft power nations in the world.
- China is the fastest-growing nation brand this year, rising in the ranking from 5th to 3rd.
Brand Finance
It is a United Kingdom based valuation consultancy founded in 1996.
Headquarters: London
Its aims at ‘bridging the gap between marketing and finance’.
Top five countries in the index:
| Ranking in Index 2024 | Counties | Overall Index Score 2024 (scores out of 100) | Overall Index Score 2023(scores out of 100) |
| 1st | USA | 78.8 | 74.8 |
| 2nd | UK | 71.8 | 67.3 |
| 3rd | China | 71.2(fastest increase from previous year’s score) | 65.0 |
| 4th | Japan | 70.6 | 65.2 |
| 5th | Germany (1st in 2021 Index) | 69.8 | 65.8 |
India’s Position
- India struggles to fulfil its soft power potential, as it has relatively high Familiarity and Influence, especially in its home regions, but ranks lower for Reputation.
- While India’s score improved marginally from last year’s Index, its ranking fell by one point.
India’s ranking in the Index
- GSPI 2024: Rank 29 (score 49.8)
- GSPI 2023: Rank 28 (score 47.0)
Rankings of India’s Neighbours in GSPI 2024
- Pakistan 81st
- Bangladesh 96th
- Sri Lanka 98th
- Nepal 105th
- Bhutan 123rd
Measures of the Global Soft Power Index
- Familiarity: nation brands which people know and have mental availability of, and have greater Soft Power.
- Influence: the degree to which a nation is seen to have influence in the respondent’s country and on the world stage.
- Reputation: country deemed to have a strong and positive reputation globally
Perceptions across the core 8 Soft Power Pillars
- Business & Trade,
- International Relations
- Education & Science
- Culture & Heritage
- Governance
- Media & Communication
- Sustainable Future
- People & Values
What is Soft Power?
- It is a nation’s ability to influence the preferences and behaviours of various actors in the international arena (states, corporations, communities, public etc.) through attraction or persuasion rather than coercion.
- The concept of Soft Power was first introduced by Joseph Nye (American political scientist) in 1990.
- Joseph Nye argued that there is an alternative method of foreign policy for states to win the support of others rather than the traditional Hard Power method, which involves using military and economic means as the primary method of achieving its goals.
Some Other influential Global Soft Power Index
- World Soft Power Index by Indian Strategic Studies Forum (ISSF)
- Soft Power Survey by Monocle
- The Soft Power 30 Report by Portland