Despite ranking 112 in the Annual Report 2016, India is still ahead of China, Bangladesh and Pakistan
GN Bureau | September 16, 2016
India slipped by 10 positions and now ranks 112th amongst 159 countries and territories included in the Economic Freedom of the World: 2016 Annual Report.
India’s neighbours Bhutan, Nepal and Sri Lanka ranked 78th, 108th and 111th respectively in the report, while China, Bangladesh and Pakistan were positioned at 113th, 121st and 133th ranks respectively. Hong Kong has again emerged at the first position this year.
India's leading public policy think tank, Centre for Civil Society published the report on Thursday in collaboration with Canada's Fraser Institute.
The report is based on data from 2014 (the most recent year of available comparable data) and measures the economic freedom (size of government, legal system and property rights, sound money, freedom to trade internationally and regulation) by analysing the policies and institutions of all 159 countries and territories.
India has fared badly in most categories i.e. legal system and property rights (86), freedom to trade internationally (144) and regulation (132).
While releasing the World Economic Freedom Index, Parth Shah, founder and president, Centre for Civil Society said, "The economic freedom index of a country is directly proportional to the freedom and opportunities available to its citizens. People living in countries with high levels of economic freedom enjoy greater prosperity, more political and civil liberties, and longer lives. On the contrary, countries at the lower levels of freedom index tend to suppress its citizens' freedom and rights."
Hong Kong has the highest level of economic freedom worldwide, followed by Singapore, New Zealand, Switzerland, Canada, Georgia, Ireland, Mauritius, United Arab Emirates, Australia, and United Kingdom at 2nd, 3rd, 4th, 5th, 6th, 7th, 8th and 9th positions respectively. Australia and the United Kingdom have tied for the 10th position this year.
The 10 lowest-ranked countries are: Iran, Algeria, Chad, Guinea, Angola, Central African Republic, Argentina, Republic of Congo, Libya and lastly Venezuela.
Read full report here
On May 23 this year, the ministry of environment issued ‘Rules on prevention of cruelty to animals (regulation of livestock market)’ with the purported aim of regulating animal markets. When one reads the rules – notwithstanding the lame efforts from union ministers to issue clarificati
BEML, a mini ratna category-1 enterprise of the defence ministry, has set a target of using 100 percent renewable energy for its own consumption. In this connection, BEML’s 9 MW Windmill Park installed at Bagalkot District in Karnataka was recently
Bharat Heavy Electricals Limited (BHEL), a Maharatna enterprise, has recorded nearly 14 percent growth in its intellectual capital in 2016-17 fiscal. During the year, a record 508 patents and copyrights were filed by the company, translating into filing of nearly two patents/copyrights
National Aluminium Company Limited (NALCO) has joined hands with the Confederation of Indian Industries (CII), Odisha, to organise outreach programmes for industries and other stakeholders on GST implementation. Series of interactive programmes are being
Taking prime minister Narendra Modi’s vision of ‘Housing for all by 2022’ forward, Employees` Provident Fund Organisation (EPFO) has amended the EPF Scheme, 1952 to provide assistance in acquiring affordable houses to the EPF members by allowing withdrawal from PF to
IndianOil is currently transporting bulk LPG from Mangalore to various LPG bottling plants in north Kerala through about 100 bullet trucks every day, which ply on narrow highways. A pipeline connecting the proposed LPG import terminal to Kochi Refineries Limited and the LPG bottling plants at Udayamperoo