Inclusive Development Index: South Asia
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Inclusive Development Index
Davos: India was ranked 62nd among 74 emerging economies on the World Economic Forum’s Inclusive Development Index, a report said.
Although India was ranked lower than Brazil, Russia, China and even Pakistan, it was among the 10 emerging economies with ‘advancing’ trend. “The 2018 index measures progress of 103 economies on three individual pillars — growth and development, inclusion and inter-generational equity, and sustainability. Of the three pillars, India ranks 72nd for inclusion, 66th for growth and development and 44th for inter-generational equity,” the report said.
While Norway topped the rankings, China was 26th and Pakistan 47th. Last year, India was ranked 60th among 79 developing economies last year, as against China’s 15th and Pakistan’s 52nd position.
The annual report noted that the incidence of poverty had declined in India over the past five years, but six out of 10 Indians still live on less than $3.20 per day. “Given the prevalence of inequality in terms of both income and wealth, there is substantial scope for improvement for India in this aspect. Both labour productivity and GDP per capita posted strong growth rates over the past five years, while employment growth has slowed. Healthy life expectancy also increased by approximately three years to 59.6.”
Overall, it reiterated that growth is a necessary but not sufficient condition for robustly rising median living standards. “Accordingly, policymakers and citizens alike would benefit from having an alternative, or at least complementary, bottomline metric that measures the level and rate of improvement in shared socioeconomic progress.”
It further said slow progress in living standards and widening inequality have contributed to political polarisation and erosion of social cohesion in many advanced and emerging economies. Globally, income inequality has risen or remained stagnant in 20 of the 29 advanced economies, and poverty has increased in 17.