Executive Summary Over the past 25 years, India and the Association of Southeast Asian Nations (ASEAN) have emerged as dynamic economic forces, each leveraging unique strengths to ascend the global stage. India has transformed from a state-controlled, agrarian economy into a services-driven powerhouse, fueled by a youthful workforce and digital innovation. ASEAN’s ten member states—Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam—have capitalized on export-led industrialization and regional integration to establish themselves as a manufacturing and trade hub. This paper provides a detailed comparison of their economic trajectories, identifying ten major structural differences, areas of complementarity and competition, and the multifaceted impacts of the ASEAN-India Free Trade Area (AIFTA). It examines India’s persistent trade deficit with ASEAN, the associated risks and opportunities for both sides, and the potential for narrowin...