India slips 26 places to 105th position in Economic Freedom Index (Report)

0

India has dropped 26 places to 105th in the 2020 Global Index of Economic Freedom, according to a report released Thursday.

The country was in 79th place in last year’s ranking.

The Fraser Institute of Canada’s Economic Freedom of the World: 2020 Annual Report was published in India in collaboration with the New Delhi Center For Civil Society think tank.

The report says the prospects for increased economic freedom in India hinge on next-generation reforms in factor markets and greater openness to international trade.

India reported a marginal decrease in government size (from 8.22 to 7.16), legal system and property rights (from 5.17 to 5.06), freedom of international trade ( 6.08 to 5.71) and credit, labor and business regulation (6.63 to 6.53).

A score closer to 10 indicates a higher level of economic freedom.

According to the report, based on 2018 data, Hong Kong and Singapore again topped the index, continuing their streak of first and second, respectively.

India was ranked higher than China, which sits at the 124th position.

New Zealand, Switzerland, the United States, Australia, Mauritius, Georgia, Canada and Ireland round out the top 10.

The report measures economic freedom (levels of personal choice, ability to access markets, security of private property, rule of law, among others) by analyzing the policies and institutions of 162 countries and territories.

The 10 lowest-rated countries are the African Republic, Democratic Republic of Congo, Zimbabwe, Republic of Congo, Algeria, Iran, Angola, Libya, Sudan and Venezuela.

Other notable rankings include Japan (20th), Germany (21st), Italy (51st), France (58th), Mexico (68th), Russia (89th) and Brazil (105th).

Center for Civil Society president Partha J Shah said that with the ranking based on 2018 data, many new restrictions on international trade, the credit market tightening due to NPAs and the impact of COVID -19 on debt and deficits are not reflected in India’s score.

Dear reader,

Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative views and cutting edge commentary on relevant current issues.
However, we have a demand.

As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital editor


Source link

Share.

Leave A Reply