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WEF ranks India at 62nd place on Inclusive Development Index

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India has ranked at the 62nd place among 74 emerging economies on the annual ‘Inclusive Development Index 2018’ released by World Economic Forum (WEF). It is to be noted that, in 2017, India ranked 60th among 79 developing economies on this index.
About Inclusive Development Index:

Inclusive Development Index 2018 measures progress of 103 economies on three individual pillars viz. growth and development, inclusion and inter-generational equity.

  • The index has been divided into two parts – First part covering 29 advanced economies and the second part covering 74 emerging economies.
  • Countries have also been classified into five sub-categories in terms of the five-year trend of their overall Inclusive Development Growth score. These five sub-categories are ‘receding’, ‘slowly receding’, ‘stable’, ‘slowly advancing’ and ‘advancing’.

Highlights of Inclusive Development Index 2018:

Among advanced economies, Norway has topped the list, while Lithuania has topped the list of emerging economies.

  • In terms of ranking on individual pillars, India ranked 72nd for inclusion, 66th for growth and development and 44th for inter-generational equity.
  • Despite its low overall rank, India has been placed in the sub-category of countries displaying ‘advancing’ trend of inclusiveness.
  • In terms of overall rank, neighbouring countries, China (26th), Pakistan (47th rank), Sri Lanka (40th rank), Bangladesh (34th rank) and Nepal (22nd rank) have ranked higher than India.
  • WEF has urged that nations should focus on inclusive development as relying on Gross Domestic Product (GDP) as the primary metric of national economic performance has led to rise of inequality.

Most Inclusive Advanced Economies – Top 5

1 Norway
2 Ireland
3 Luxembourg
4 Switzerland
5 Denmark

Most Inclusive Emerging Economies – Top 5

1 Lithuania
2 Hungary
3 Azerbaijan
4 Latvia
5 Poland