GUJARATI CURRENT AFFAIRS
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India was ranked 143rd out of 186 economies in the annual Index of Economic Freedom 2017 that measures the degree of economic freedom in the countries of the world. The index was released by top US based Think Tank, The Heritage Foundation. In this edition, India’s overall score was 52.6 points, 3.6 points less than scored in 2016 when it was ranked 123rd.
The Index of Economic Freedom ranks countries based on score ranging 0 to 100, with 0 being the least free and 100 the most free. The score is based on ten factors of economic freedom, separated into four categories, using statistics from international organizations like World Bank, IMF, Economist Intelligence Unit and Transparency International.
Based on the score, countries are grouped in 5 different categories, Free (80–100), Mostly Free (70.0–79.9), Moderately Free (60.0–69.9), Mostly Unfree (50.0–59.9) and Repressed (0–49.9).
Top 5 countries in this edition of index are Hong Kong (1st), Singapore (2nd) and New Zealand (3rd), Switzerland (4th) and Austria (5th). India with 52.6 points score was ranked 143rd. It was placed in the category of “Mostly Unfree” Economies (points ranging from 50.0-59.9).