Index of Economic Freedom 2021

11 Mar Index of Economic Freedom 2021

(GS Paper- 2, Important International Institutions, agencies and fora – their Structure, Mandate

Source- The Hindu)

Context

The Heritage Foundation released the index of economic freedom 2021

 About the index

 It is an annual index. This index created in 1995 by the think tank “The Heritage Foundation and the Wall Street Journal”

Objective

It measures the degree of economic freedom in countries across the world

 Coverage

The Index covered economic freedom in 184 countries

Parameters taken

The index measures 12 indicators grouped into four broad categories of economic freedom-

• Rule of law
•  government size
•  regulatory efficiency
•  open markets
•  Each of these 12 economic freedoms within these categories is graded   On a scale of 0 to 100. 
• 0 is the least economic freedom and scored 100 if the highest economic freedom

 Findings of the report

•  Singapore tops the index following Newzealand , Australia , Switzerland and Ireland
•  The rank of India is 121 with a score of 56.5
•  In Asia Pacific India rank 26 among 40 countries

-Khyati Khare

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