Rethinking India–ROK Strategic Economics through the Needonomics Framework: A Path to Mutual Prosperity

Prof. Madan Mohan Goel, Former ICCR Chair Professor in South Korea at HUFS, Seoul Proponent Needonomics & Former Vice-Chancellor

Abstract

The evolving global economic landscape presents an opportune moment for India and the Republic of Korea (ROK) to deepen their strategic economic partnership. Needonomics School of Thought (NST) reimagines India–ROK strategic economics through its unique framework—an alternative development philosophy that emphasizes needs over greed, ethics over excess and long-term sustainability over short-term gains.  By aligning bilateral cooperation with the principles of mutual trust, human-centric development, and value-based economics (Needonomics-economics of needs), the two nations can chart a path toward inclusive and resilient growth. The article identifies key geopolitical and economic drivers—ranging from technological complementarity and regional stability to supply chain resilience and climate cooperation—that can be better harnessed through a needo-driven approach. It calls for a shift from transactional engagement to transformational partnership, guided by the idea that stakeholders can best define and fulfill their aspirations when grounded in real needs. This framework not only strengthens economic ties but also promotes shared prosperity rooted in ethical globalization.

Introduction

In the 21st century, the global economic architecture is increasingly shaped by regional collaborations rooted in shared values, complementarities, and strategic trust. One such potential powerhouse of cooperation is the India–Republic of Korea (ROK) economic partnership. While trade and investment between the two nations have grown in recent years, there remains significant untapped potential. To unlock this, we must go beyond transactional relationships and adopt a deeper, sustainable framework that recognizes mutual needs and aspirations.

This is where Needonomics School of Thought (NST)—an indigenous alternative economic philosophy rooted in ethics, simplicity, and need-based development—offers timely and practical insights. NST advocates a paradigm shift from wantonomics (economics of wants) to needonomics (economics of needs), emphasizing sustainability, reciprocity, and human-centric progress. It promotes the idea that stakeholders can find enduring solutions themselves by introspecting and interpreting their real needs in the right perspective.

This article aims to explore the geo- economic drivers for enhancing the India-ROK economic partnership through the lens of Needonomics.

1. Shared Democratic Values and Strategic Trust

India and South Korea are both vibrant democracies in Asia with a shared commitment to rule of law, transparency, and human rights. These foundational values create a fertile ground for long-term, trust-based economic cooperation.

Needonomics insight: A partnership based on mutual trust and shared ethical principles can withstand global uncertainties. Both nations must invest in building people-to-people ties and institutional frameworks that reflect their shared democratic values, going beyond mere economic indicators to measure the health of the partnership.

2. Complementary Economic Structures and Technological Synergies

India’s strengths in human capital, digital innovation, and manufacturing capacity align well with South Korea’s excellence in advanced technologies, electronics, and automotive industries. The Comprehensive Economic Partnership Agreement (CEPA) signed in 2009 can be rejuvenated through a Needo-centric review focusing on actual requirements of both sides rather than perceived commercial advantages alone.

NST perspective: Rather than focusing on quantitative trade volumes, the emphasis must shift to qualitative complementarities. For instance, India’s digital public infrastructure can benefit from Korean hardware innovations, while Korea’s aging population can gain from India’s skilled healthcare and IT workforce. We must prioritize value co-creation over volume maximization.

3. Geo-Strategic Location and Regional Stability

India’s position in South Asia and South Korea’s in East Asia provide both countries with strategic gateways to broader Asian markets, including ASEAN, BIMSTEC, and the Indo-Pacific. Both are also committed members of the Indo-Pacific Economic Framework (IPEF) and face common challenges from an assertive China.

Needonomics emphasis: In an age of shifting power dynamics, partnerships must be driven not just by threat perception, but by mutual needs for regional peace, supply chain resilience, and equitable growth. Needonomics supports a multi-polar Asia rooted in cooperation and self-reliance (Atmanirbharta) that discourages dependency and promotes fairness in global economic systems.

4. Energy Transition and Climate Cooperation

As responsible global citizens, both nations are undertaking significant steps toward climate action. Korea’s Green New Deal and India’s push for solar energy, green hydrogen, and electric mobility are areas ripe for collaboration.

Needo-based policy suggestion: Joint ventures in sustainable technologies such as hydrogen fuel cells, renewable energy storage, and smart urban development should be guided by realistic needs, not aspirational overreach. By aligning their sustainability goals with pragmatic implementation strategies, both nations can reduce costs and increase social impact.

5. Recalibrating Trade and Investment with Human-Centric Metrics

Despite CEPA, the trade between India and Korea remains below potential. High tariffs, non-tariff barriers, and lack of awareness among small businesses are some hurdles.

NST lens: We must replace greed-based capitalism with need-based capitalism. Trade and investment policies must consider moral, social, and ecological costs, not just profits. For example, encouraging MSME partnerships, fair trade practices, and community-based entrepreneurship will foster more equitable growth and deepen bilateral linkages.

6. Skill Development and Education Exchanges

South Korea’s global leadership in education technology and India’s demographic dividend offer mutual benefits. Yet, collaboration in higher education and skill development remains underexplored.

Needonomics intervention: The youth in both countries need to be equipped not just with technical skills but with value-based education that fosters empathy, responsibility, and innovation. Initiatives like dual-degree programs, vocational exchange, and research collaborations must be designed with needo-efficiency—achieving maximum outcome with minimal resource wastage.

7. Tourism, Culture, and Media Diplomacy

Korean Wave (Hallyu), including K-pop and K-dramas, has gained immense popularity in India. Simultaneously, India’s rich spiritual and cultural heritage appeals to many in Korea.

NST approach: Cultural exchange must not become a one-way consumption trend. We must create need-based cultural diplomacy where tourism, films, cuisine, and literature become tools of mutual learning and economic stimulation. Both governments should incentivize joint cultural festivals, translation projects, and spiritual tourism circuits.

8. Supply Chain Resilience and Post-COVID Reforms

The pandemic exposed the vulnerability of global supply chains. Both India and South Korea have committed to reducing overdependence on a single country or region.

Needonomics relevance: The pandemic has taught the world the value of self-restraint, cooperation, and essentialism. India and Korea must collaborate on “Just-in-Need” rather than “Just-in-Time” supply chains, fostering resilience through regional manufacturing hubs, digital logistics, and decentralized networks.

9. Defense and Cybersecurity Collaboration

Security cooperation, including defense technology and cybersecurity, is expanding. Korea’s defense companies and India’s policy of defense indigenization can intersect constructively.

NST suggestion: The aim should be peace preparedness, not war profiteering. Joint research in cyber-ethics, AI safety, and surveillance technologies must be grounded in principles of need-based security, protecting civil liberties while ensuring national safety.

10. Institutional Mechanisms for Needo-Driven Diplomacy

To operationalize the above areas of cooperation, we must move from MoUs to Measurable Outcomes of Understanding (MoUs). Regular Needo-dialogues between policymakers, academics, and industry representatives should be institutionalized.

Policy recommendation:

Create a Needonomics India-ROK Forum to evaluate bilateral engagements not just through GDP growth or FDI flows, but through metrics like social impact, environmental sustainability, job creation, and citizen well-being—components of the Economic Happiness Index (EHI) proposed by NST.

Conclusion:

India-ROK relations stand at the cusp of transformation. The potential to become strategic economic partners is real and promising. But the success of this partnership will depend on our ability to prioritize needs over wants, collaboration over competition, and ethics over expediency.

The Needonomics School of Thought reminds us that economics must serve humanity, not enslave it. By integrating its principles into the India-ROK economic framework, we can co-create a sustainable, inclusive, and resilient bilateral relationship that goes beyond transactions and touches the lives of people meaningfully.

Let us strive not merely for economic cooperation, but towards a Needo- Smart Partnership —a model for the world to emulate in these challenging times.