India has been ranked 60th among 79 developing economies, even lower than China and Pakistan, in the World Economic Forums latest inclusive development index (IDI) report.
The WEF’s Inclusive Growth and Development Report 2017, released here on Monday, said that most countries were missing major opportunities to raise economic growth, as well as reduce inequality at the same time, because the growth model and measurement tools require significant readjustment.
“India, with a score of only 3.38, ranks 60th among the 79 developing economies on the IDI, despite the fact that its growth in GDP per capita is among the top 10 and labour productivity growth has been strong.”
“Poverty has also been falling, albeit from a high level,” the report said.
The IDI is based on 12 performance indicators, and evaluation is based on three key parameters of Growth and Development, Inclusion and Intergenerational Equity, and Sustainability.
While India is placed at the 60th spot, among its neighbours China is ranked 15th, Nepal is 27th, Bangladesh is ranked 36th and Pakistan is closest ahead of India at 52nd.
Lithuania tops the list of 79 developing economies that also features Azerbaijan and Hungary at second and third positions, respectively.
Others countries in the top ten are Poland (fourth), Romania (fifth), Uruguay (sixth), Latvia (seventh), Panama (eighth), Costa Rica (ninth) and Chile (10th).
The report also noted that India’s debt-to-gross domestic product (GDP) ratio is high, raising some questions about the sustainability of government spending.
Meanwhile, the International Monetary Fund has cut India’s growth forecast for the current fiscal by as much as one percentage point due mainly to the disruptions caused by demonetisation of 500 and 1,000 rupee currency notes. —IANS