Updated By: LatestGKGS Desk
Economic Freedom Index: India ranked 96th, Hong Kong, Singapore retain top spot
Economic Freedom Index: India ranked 96th; HK, Singapore retain top spot: Details, Ranking Tally, Highlights
According to a study named Economic Freedom in the World by Centre for Civil Society (CCS) along with Canada’s Fraser Institute, India stands at 96th rank out of 162 countries in economic freedom. The 2018 report is based on data from 2016.
Key Points
The index measures 5 areas of economic freedom. They are: Size of Government, Legal System and Property Rights, Sound Money, Freedom to Trade Internationally and Regulation.
India ranked 98th in the previous year.
India improved its score on parameters such as legal system and property rights, access to sound money, freedom to trade internationally and regulation of credit, labor and business.
The score however reduced in the size of government parameter.
Among the BRICS nations, Russia and South Africa are ahead of India at 87th and 94th place and China and Brazil are behind it at 108th and 144th positions.
Hong Kong and Singapore again topped the index ranking first and second respectively.
Remaining countries in the top 10 were: New Zealand, Switzerland, Ireland, the US, Georgia, Mauritius, the United Kingdom, Australia and Canada (tied for 10th) respectively.
The 10 lowest-rated countries are Sudan, Guinea-Bissau, Angola, Central African Republic, Republic of Congo, Syria, Algeria, Argentina, Libya, and lastly Venezuela.
People living in countries with high levels of economic freedom enjoy greater prosperity, more political and civil liberties, and live longer.
Life expectancy is 79.5 years in the top quartile nations compared to 64.4 years in the bottom quartile nations.
Centre for Civil Society (CSS)
Founded: 1997
Founder and President: Parth J Shah
Chairman: Luis Miranda
Headquarters: New Delhi
