Tuesday, February 19, 2008

India Outranks China in the Economic Transformation Index

by Phillip Horton

India has secured 25th place in the economic transformation index and it has also got China way out of the competition when it comes to economic transformation. China was placed at the 85th place in the economic transformation index according to the German Foundation, Bertelsmann. The index by the foundation was published in Berlin. The economic transformation index studies the democracy and market economies in as many as 125 transformation states and hence is the reliable transformation index. India has outranked the fastest growing economy of the world which is a matter of great pride and reflects the pace and quality of India’s economic growth.

Singapore, Brazil, and South Africa are the nations which have secured their ranks above India in the index. In the matter of performance management India secured 19th ranking which was mainly for its political decision making. The 19th position of India is an improvement by almost 13 rankings when compared with the earlier such study which was carried out two years ago. The current ranking is also an improvement by 24 rankings in the last five years for the economy which the report by the German foundation stated.

Bertelsmann Foundation’s Josef Janning said that the policies and the plans of the Indian government in building the nation to achieve the status of a developed economy and become a driving force in international politics are now showing their results. Janning also added that this is the greatest chance for India to work faster towards its important economic problems which are the different gaps in its society that mainly includes gaps and differences in education, income, social security, and health. Creating more equality in its different states so that many individuals can share the economic success of the country which should be the nation’s principal target in its new economic policy Janning further added. The report also advised that the country should carry on with its economic reforms meticulously so that economic growth rate of 8% can be continued.

In the matter of economic transformation the Czech Republic ranked at the number one position and Slovenia secured second place in the transformation index 2008. The management index saw Chile at the top position followed by Estonia. In the group of steady democracies India for the first time figured its name. It is undeniably true that India’s economy is one of the most dynamic national economies in the world; however the shortcoming in the matter of reform poses great threats and can prevent its unique development. India’s place in the matter of management index is quite satisfactory and it has outranked Singapore and China which stand at 32nd and 67th place respectively in the index.

The report has particularly lauded the nation’s efforts in achieving a smooth integration of its different ethnic minorities and also its regional international cooperation most particularly with Pakistan. The report however did not find any significant improvements in the nation’s judicial system which remains a delayed process. The country also failed to fully protect the civil rights in regions where conflict raged.

 

 

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