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India among least inclusive in G20 economies: World Economic Forum report

According to the report, India ranks second last among the G20 economies ahead of only South Africa and trailing behind Russia (19), China (26) and Brazil (37).

By: Express Web Desk | New Delhi |
Updated: January 23, 2018 5:56:03 pm
India among least inclusive in G20 economies: World Economic Forum report The IDI is essentially based on the notion that most people base economic progress by changes in their standard of living rather than published GDP growth. (Representational photo) Archive

The Inclusive Development Index (IDI) 2018, a report published by the World Economic Forum, ranked India 62 out of the total 74 emerging countries. In fact, even regional rival Pakistan ranks 47, 15 places ahead of India, as per the report that was released on Monday.

The IDI is essentially based on the notion that most people base economic progress by changes in their standard of living rather than published GDP growth. The index namely has three pillars of growth for global economies: growth and development; inclusion, intergenerational equity and sustainability. The report says that the IDI is ‘designed as an alternative to GDP that reflects more closely the criteria through which people evaluate their respective countries’ economies’. Also Read: Climate change, terrorism are biggest threats the world is facing today: PM Modi in Davos

According to the report, India ranks second last among the G20 economies ahead of only South Africa and trailing behind Russia (19), China (26) and Brazil (37). Even in the inclusive emerging and developing economies, India couldn’t make it to the top 10, with China, Nepal, Bangladesh and Sri Lanka making a mark. Other South Asian economies such as Malaysia, Thailand, Indonesia and Philippines also ranked far better than India.

The report, however, says that India is an ‘advancing economy’ as compared to China and Bangladesh which are ‘slowly advancing’ and Sri Lanka which is ‘slowly receding’.

Meanwhile, the International Monetary Fund (IMF) in its latest World Economic Outlook (WEO) update on Monday, projected India growing at 7.4 per cent in 2018 as compared to China’s 6.8 per cent, making it the fastest growing country among emerging economies. As per the IMF, the Indian economy is estimated to expand 7.8 per cent in 2019.

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