India ranked at 131 position in the 2023 Index of Economic Freedom released on February 28, 2023 by Washington-headquartered think tank The Heritage
About the Index
- The Index of Economic Freedom is an annual index and ranking created in 1995 by The Heritage Foundation and The Wall Street Journal.
- The index measure the degree of economic freedom in the world’s nations
- The Index comprises of twelve aspects divided into four categories:
1. Rule of Law: Property rights, judicial effectiveness, government integrity
2. Government size: Tax burden, Fiscal health, government spending
3. Regulatory Efficiency: Business freedom, labor freedom, monetary freedom
4. Market Openness: Trade freedom, investment freedom, financial freedom
- Singapore (83.9) placed at the first rank followed by Switzerland (83.8), Ireland (82.0) and Taiwan (80.7).
- North Korea (2.9) placed at the last position (176). India’s Performance
- India’s economic freedom score is 52.9, making its economy the 131st freest in the 2023 Index. Its score is 1.0 point lower than last year.
- India is ranked 27 out of 39 countries in the Asia-Pacific region, and its overall score is below the world and regional averages.
- The overall rule of law is weak in India.