Adding another feather to its cap, India jumped 13 places to achieve the 130th spot in this year’s Index of Economic Freedom published by the Heritage Foundation, an American think-tank.
As per the latest edition, India moved up to the 130th spot, up from 143 in 2017, two spots below its neighbour, Pakistan.
With this achievement, India has now surpassed Pakistan by one spot.
Among the 43 countries in the Asia-Pacific region, India was ranked 30, and its overall score was below the regional and world averages.
As per the American think tank, India is perceived to be moving into an open-market economy, although traces of its past autarkic policies still remain.
The report further stated that economic liberalisation measures, including industrial deregulation, privatisation of state-owned enterprises and reduced control on foreign trade and investment that began in the early 1990s, has accelerated growth.
Highlights of the report:
India’s economic freedom score is 54.5, making its economy the 130th freest in the 2018 Index. In 2017, India with a score of 52.6 points was ranked at 143 among 180 countries.
China is ranked 111 and Pakistan is now at 131 position.
What is economic freedom?
Economic freedom is the fundamental right of every human to control his or her own labour and property. In an economically free society, individuals are free to work, produce, consume, and invest in any way they please. In economically free societies, governments allow labour, capital, and goods to move freely and refrain from coercion or constraint of liberty beyond the extent necessary to protect and maintain liberty itself.
What are the benefits of economic freedom?
Economic freedom brings greater prosperity. The Index of Economic Freedom documents the positive relationship between economic freedom and a variety of positive social and economic goals. The ideals of economic freedom are strongly associated with healthier societies, cleaner environments, greater per capita wealth, human development, democracy, and poverty elimination.