New Delhi, January 17: Raising some serious questions about the sustainability of Indian government’s spending and ever rising debt-to-GDP ratio in the country, India is ranked poorly at 60th spot among 79 developing economies by WEF report in its inclusive development index.
Despite having a decent GDP per capita and strong labour productivity growth, India could fetch only 3.8 points out of 7 in ‘Inclusive Growth and Development Report 2017’ by IMF. China is ranked at the 15th position, Nepal (27th), Bangladesh (36th) and Pakistan (52nd). Two BRICS nations, Russia and Brazil, are at 13th and 30th places, respectively.
WEF’s ‘Inclusive Growth and Development Report 2017’, said that most countries are missing important opportunities to raise economic growth and reduce inequality at the same time because the growth model and measurement tools that have guided policymakers for decades require significant readjustment.
The Inclusive Development Index (IDI) is based on 12 performance indicators. In order to provide a more complete measure of economic development than GDP growth alone, the index has three pillars — Growth and Development, Inclusion and Inter-generational Equity, and Sustainability.
Top 10 developing nations on WEF’s Inclusive Development and Development Report 2017:
- Costa Rica
The report says, “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.”
Among the developed nations Norway ruled the chart with the top position followed by Luxembourg, Switzerland, Iceland and Denmark respectively.