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India ranks low on inclusive growth, development ranking: WEF

08 Sep 2015 Evaluate

World Economic Forum (WEF) in its Inclusive Growth and Development Report which covers 112 economies has ranked India very low globally on most of the parameters, though the country fares much better on the scale of business and political ethics. India has mostly been ranked in the bottom half of the 38 countries that make up lower middle income bracket. Areas where India ranks low include Fiscal Transfers, where it ranks 37th out of 38. It also ranks very low at 32nd for Tax Code and 36th for social protection, for employment and labour compensation it ranks very low at 32nd place, 27th for basic services and infrastructure, 31st for quality of education system, 30th place for GDP per capita among the lower middle income countries.

However, India ranks much better at 8th place in terms of global competitiveness score and in the areas like corruption and rents India ranks. Also it ranks much better at 7th place when it comes to ease of finding the right talent. For business and political ethics, India ranks 12th, while it ranks 11th on the financial intermediation of real economy investment pillar, which suggests that money invested in the economy generally gets directed towards productive uses.

The report further elaborated that the area where policymakers in India would need to prioritize improvement would be ‘Asset building and entrepreneurship’, in particular the Small business ownership, where India ranks bottom among its peers at 38th place. WEF has said that the new study which was conducted over the past two years, seeks to identify the various ways policymakers can drive economic growth and equity at the same time and assesses them on their relative success in implementing these measures.

Further, in its first kind global ranking in terms of per capita income levels across different groups of countries, WEF found that most of the countries including India are missing major opportunities to reduce income inequality. Besides the report presents a new framework for assessing countries’ efforts to foster economic growth that raises the living standards of entire societies.

The report further stated that Switzerland has been ranked at the top in terms of basic infrastructure and services, while Finland is on the top in terms of education and skills as also for asset building and entrepreneurship. Norway is ranked at the top for labour, employment and compensation


  

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