India has been ranked 60th among 79 developing economies, below neighbouring China and Pakistan, in the inclusive development index, according to a WEF report.
WEF's 'Inclusive Growth and Development Report 2017', released, said that most countries are missing important opportunities to raise economic growth and reduce inequality at the same time because the growth model and measurement tools that have guided policymakers for decades require significant readjustment.
Inclusive Development Index
The Inclusive Development Index (IDI) is based on 12 performance indicators. In order to provide a complete measure of economic development than GDP growth alone, the index has three pillars -- Growth and Development, Inclusion and Inter-generational Equity, and Sustainability. IDI scores are based on a scale of 1-7. Advanced and developing economy IDI scores are not strictly comparable due to different definitions of poverty.
Lithuania in first place
Lithuania tops the list of 79 developing economies that also features Azerbaijan and Hungary at second and third positions, respectively. Among the advanced economies, Norway is at the top, followed by Luxembourg (2nd), Switzerland (3th), Iceland (4th) and Denmark (5th).
India ranks 60th
While India is placed at the 60th spot, many of the neighbouring nations are ahead in the rankings. China is ranked at the 15th position, Nepal (27th), Bangladesh (36th) and Pakistan (52nd). Two BRICS nations, Russia and Brazil, are at 13th and 30th places, respectively.
Top ten countries
Countries in the top ten are Poland (4th), Romania (5th), Uruguay (6th), Latvia (7th), Panama (8th), Costa Rica (9th) and Chile (10th). India to achieve highest GDP growth over next 8 yrs: study
Reasons for India's score
"India, with a score of only 3.38, ranks 60th among the 79 developing economies on the IDI, despite the fact that its growth in GDP per capita is among the top 10 and labour productivity growth has been strong. "Poverty has also been falling, albeit from a high level," the report said, However, it noted that the country's debt-to-GDP ratio is high, raising some questions about the sustainability of government spending. GDP May Slump To 5% In December Quarter, Says HSBC