India ranks 62nd in WEF Inclusive Development Index

India's rank improves in WEF's ranking for emerging economies, but far behind China

India ranks 62nd in WEF Inclusive Development Index

Interestingly, the poor ranking on the Inclusive Development Index for India comes on a day when the International Monetary Fund (IMF) projected that the country will grow the fastest at 7.4 per cent in 2018 as against China's 6.8 per cent.

The WEF ranked India at 62nd position in the list of emerging economies, while China and Pakistan were ranked at 26th and 47th position respectively.

On Ireland being ranked 8th, it says the country has demonstrated "solid performance" in growth and development.

Norway is the world's most inclusive advanced economy.

According to the WEF, the index is measured taking into account the "living standards, environmental sustainability and protection of future generations from further indebtedness".

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However, inclusion in these economies grew by only 4.6pc, and actually saw a 2.1pc decrease in intergenerational equity.

Lithuania and Hungary are leading in the index among the developing countries. The report said that given the prevalence of inequality both in terms of both income and wealth, there is substantial scope for improvement for India in this aspect.

IDI data suggest that relatively strong GDP growth can not be relied upon by itself to generate inclusive socio-economic progress and rising median living standards. On China, WEF report said that despite rapid growth over the past two decades, China still exhibits high levels of inequality, as evident from its 55th place among emerging economies in the Inclusion pillar of the Index. A majority, 16 of 29, have seen Inclusion deteriorate, and the remaining three have remained stable.

This is despite the advanced economies boosting their growth and development score by over 3pc. However, the IDI data shows that "growth is a necessary but not sufficient condition for robustly rising median living standard". The report points out that India is performing best in "Intergenerational Equity and Sustainability". Political and business leaders should not expect higher growth to be a panacea for the social frustrations, including those of younger generations who have shaken the politics of many countries in recent years.

Taoiseach Leo Varadkar will be among those in attendance when the World Economic Forum begins in Davos today.

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