India is now the most populous country, has built a dynamic political movement around the BJP/RSS, has been successful in tech, may reach the AI frontier faster than people think, and is a reformist power with its own view of a multipolar world, making it an important rising power.
America remains dominant despite collapsing postwar system
The postwar institutional order is in crisis, but American power itself is not; the United States remains the dynamic core of the open maritime-commercial system, is riding the information revolution, and is positioned to keep charging ahead over the medium-to-long term.
Leadership in the information revolution is the modern equivalent of the industrial revolution; the top market-cap list is essentially American technology companies, and the US is first and best positioned to develop, harness, and exploit AI/tech, giving it another long technology-led dominance edge.