India fares poorly in World Economic Freedom Index -Governance Now

India fares poorly in World Economic Freedom Index

Despite ranking 112 in the Annual Report 2016, India is still ahead of China, Bangladesh and Pakistan

GN Bureau | September 16, 2016

#Pakistan #Bangladesh #China #Centre for Civil society #Economic Freedom Report #India

India fares poorly in World Economic Freedom Index

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

Comments

Other News

GST revenue for April 2024 at a new high

The gross Goods and Services Tax (GST) collections hit a record high in April 2024 at ₹2.10 lakh crore. This represents a significant 12.4% year-on-year growth, driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%). After accounting for refunds, the net GST

First Magahi novel presents a glimpse of Bihar bureaucracy a century ago

Fool Bahadur By Jayanath Pati (Translated by Abhay K.) Penguin Modern Classics, 112 pages, Rs 250 “Bab

Are EVs empowering India`s Green Transition?

Against the backdrop of the $3.5 billion Production-Linked Incentive (PLI) scheme launched by the Government of India, sales of Electric Vehicles (EVs) are expected to grow at a CAGR of 35% by 2032. It is crucial to take into account the fact that 86% of EV sales in India were under the price bracket of $2

When Nandini Satpathy told Biju Patnaik: ‘I’ll sit on the chair you are sitting on’

Nandini Satpathy: The Iron Lady of Orissa By Pallavi Rebbapragada Simon and Schuster India, 321 pages, Rs 765

Elections 2024: 1,351 candidates in fray for Phase 3

As many as 1,351 candidates from 12 states /UTs are contesting elections in Phase 3 of Lok Sabha Elections 2024. The number includes eight contesting candidates for the adjourned poll in 29-Betul (ST) PC of Madhya Pradesh. Additionally, one candidate from Surat PC in Gujarat has been elected unopp

2023-24 net direct tax collections exceed budget estimates by 7.40%

The provisional figures of direct tax collections for the financial year 2023-24 show that net collections are at Rs. 19.58 lakh crore, 17.70% more than Rs. 16.64 lakh crore in 2022-23. The Budget Estimates (BE) for Direct Tax revenue in the Union Budget for FY 2023-24 were fixed at Rs. 18.