In an indigestible shock to India, the nation has ranked much below than its rival Pakistan in the terms of Inclusive Development Index of the World Economic Forum (WEF). India has been ranked at the 62nd place among emerging economies on an Inclusive Development Index, much below China’s 26th position and Pakistan’s 47th.
The neighbouring countries ranked above India include Sri Lanka (40), Bangladesh (34) and Nepal (22). The countries ranked better than India also include Mali, Uganda, Rwanda, Burundi, Ghana, Ukraine, Serbia, Philippines, Indonesia, Iran, Macedonia, Mexico, Thailand and Malaysia.
The index takes into account the “living standards, environmental sustainability and protection of future generations from further indebtedness”, the WEF said.
It urged the leaders to urgently move to a new model of inclusive growth and development, saying reliance on GDP as a measure of economic achievement is fuelling short-termism and inequality.
Last year (2017), India was ranked 60th among 79 developing economies, as against China’s 15th and Pakistan’s 52nd position.
Norway is Top
Norway remains the world’s most inclusive advanced economy, while Lithuania again tops the list of emerging economies, the World Economic Forum (WEF) said while releasing the yearly index at Davos before the start of its annual meeting, to be attended by several world leaders including Prime Minister Narendra Modi and US President Donald Trump.
Three Pillars
The 2018 index, which measures progress of 103 economies on three individual pillars — growth and development; inclusion; and inter-generational equity — has been divided into two parts. The first part covers 29 advanced economies and the second 74 emerging economies.
The index has also classified the countries into five sub-categories in terms of the five-year trend of their overall Inclusive Development Growth score — receding, slowly receding, stable, slowly advancing and advancing.
Of the three pillars that make up the index, India ranks 72nd for inclusion, 66th for growth and development and 44th for inter-generational equity.
Australia only non-European in Top 10
Small European economies dominate the top of the index, with Australia (9) the only non-European economy in the top 10. Of the G7 economies, Germany (12) ranks the highest. It is followed by Canada (17), France (18), the UK (21), the US (23), Japan (24) and Italy (27).
The top-five most inclusive emerging economies are Lithuania, Hungary, Azerbaijan, Latvia and Poland.
BRICS
Performance is mixed among BRICS economies, with the Russian Federation ranking 19th, followed by China (26), Brazil (37), India (62) and South Africa (69).
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