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India lags BRIC, Pakistan on inclusiveness: WEF survey

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DAVOS: India was ranked 62nd among 74 emerging economies on World Economic Forum‘s Inclusive Development Index, a report released on Monday 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 & development, inclusion & inter-generational equity and sustainability. Of the three pillars, India ranks 72nd for inclusion, 66th for growth & development and 44th for inter-generational equity,” the report said

While Norway topped the rankings, China was at 26th and Pakistan at 47. 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 6 out of 10 Indians still live on less than $3.20 per day. “Given the prevalence of inequality both in terms of both income and wealth, there is substantial scope for improvement for India in this aspect. Both labor 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, bottom-line metric that measures the level and rate of improvement in shared socioeconomic progress.”
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