The Economic Freedom index 2017 was released in the third week of February 2017 by a top US based Think Tank, The Heritage Foundation. The Economic Freedom Index is an index and ranking used to measure the degree of economic freedom in the nations of the world. It was initiated in 1995. The annual Index of Economic Freedom 2017 ranked India 143rd out of 186 countries.
Highlights of Economic Freedom Index 2017:
- India’s overall score was 52.6 points which were 6 points less than scored in 2016 when it was ranked 123rd.
- The top 5 countries in this index are Hong Kong (1st), Singapore (2nd), New Zealand (3rd), Switzerland (4th) and Austria (5th).
- India is in the category of “Mostly Unfree” Economics.
- Nepal (125th), Sri Lanka (112th), Pakistan (141st), Bhutan (107th) and Bangladesh (128th) are the neighboring countries that have surpassed India. Only Afghanistan (163rd) and Maldives (157th) were ranked below India’s rank.
- China ranked at 111th and United States at 17th.
- The World average score recorded at 60.9.
- India’s progress on the market-oriented reforms has been uneven.