India ranks low in economic freedom : Report

Factors like high level of corruption, poor investment norms and high inflation among others have made India one of the least economically free countries in the world, a report today said.

Factors like high level of corruption, poor investment norms and high inflation among others have made India one of the least economically free countries in the world, a report on Friday said.

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According to an annual report, Index of Economic Freedom, released in Mumbai on Friday by The Heritage Foundation and The Wall Street Journal, India is ranked 124 in the world when it comes to economic freedom.

Interestingly, other BRIC nations--Brazil, Russia and China have also fallen in the category of 'mostly unfree' nations with ranks 113, 143 and 140 respectively.

Hong Kong has got the highest ranking in the list whereas North Korea remained as the most 'repressed' country, implying least economic freedom, at 179th position, the survey said.

The report observed that India's tax rates and inflation have been relatively high, with inflation averaging 7.7 per cent between 2006 and 2008. Early this year, another survey
conducted by the Foundation had ranked India at 85th out of 179 countries in terms of corruption.