India is the 124th freest economy of the world, according to Washington-based think tank, the Heritage Foundation. The abysmally low ranks is despite the Indian economy being one of the fastest growing developing economies of the world.

The report which featured 179 countries ranked Hong Kong, Singapore and Australia at the summit, while North Korea with ranks at 179 as the least free economy.

“India's score is 0.6 point lower than last year as a result of declines in freedom from corruption, business freedom, and monetary freedom,” the think tank said.

The report says that in the Asia-pacific countries, India is ranked at 24 out of 41 countries. According to the report, “Corruption is pervasive, and the judicial system remains inefficient and clogged by a large backlog of cases. Labor freedom is especially weak, with rigid regulations a costly impediment to further economic growth and job creation.”

India scores 53.8 on freedom score. India’s ranking on the overall issues:

•    Business Freedom: 36.3
•    Trade Freedom: 67.9
•    Fiscal Freedom: 73.4
•    Government Spending: 76.1
•    Monetary Freedom: 67.5
•    Investment Freedom: 35.0
•    Financial Freedom: 40.0
•    Property Rights: 50.0
•    Fdm. from Corruption: 34.0
•    Labor Freedom: 57.7

Read the report.