WASHINGTON: India has jumped 13 places in the last one year to be earn 130th spot in the latest annual Index of Economic Freedom released by a top American think-tank.
In 2017, India with a score of 52.6 points was ranked at 143 among 180 countries, two spots below neighbor Pakistan, according to the Index of Economic Freedom.
China with 57.4 points was ranked 111 in the 2017 index of The Heritage Foundation, an American conservative public policy think-tank based in Washington.
As per the latest Index of Economic Freedom, China has jumped one spot and Pakistan is now at 131st position.
India’s economic freedom score is 54.5, making its economy the 130th freest in the 2018 Index, the Heritage Foundation said.
“Its overall score has increased by 1.9 points, led by improvements in judicial effectiveness, business freedom, government integrity, and fiscal health. India is ranked 30th among 43 countries in the Asia Pacific region, and its overall score is below the regional and world averages,” it added.
Noting that India is developing into an open-market economy, the Index said traces of its past autarkic policies still remain.
Economic liberalization measures, including industrial deregulation, privatization of state-owned enterprises and reduced controls on foreign trade and investment, that began in the early 1990s, accelerated growth, the report said.
More recently, the government reformed one of its more opaque operational practices to make the auctioning of rights to exploit state-owned resources more transparent.
“Corruption, underdeveloped infrastructure, a restrictive and burdensome regulatory environment, and poor financial and budget management continue to undermine overall development,” the report said.
While Prime Minister Narendra Modi promised sweeping economic reforms, the report said the reforms thus far have been modest.
“India’s diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services,” it said. PTI
Thank You For Your Vote!
Sorry You have Already Voted!
