Indian Economy: India Ranked 70 in World Prosperity Index
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New Delhi, 22 Oct. India has made tremendous progress since opening its doors to foreign investment and
New Delhi, 22 Oct. India has made tremendous progress since opening its doors to foreign investment and trade. But it still has a long way to go.
The World Prosperity Index 2008 ranked 104 countries based on their prosperity levels, degree of economic competitiveness, and comparative liveability. The index used 22 key indicators and 44 sub-indicators.
The factors that dragged India down so low in the index included the lack of government effectiveness, the cost of starting a new business, and the quality of its secondary education.
“India has a relatively entrepreneurial culture. It requires government effectiveness and the tackling of corruption,” said Alan McCormick, the managing director of the Legatum Institute, which created the index.
The report, which was released last week, blamed undue bureaucracy, inadequate governance, and corruption as they impose costs on business. These extra business costs restrict growth.
In the first broad categories, economic competiveness, India’s best score was in its avoidance of dependence on foreign aid. In this measurement, it ranked higher than Israel (19), Slovenia, and the Czech Republic
