India is at 104th place among the world’s 157 free economies. India has, however, improved its ranking from 121st last to 104 this year. The Heritage Foundation has published the latest index of the countries with free economy. Pakistan is ranked well ahead from India and placed at the 89th place.

According to the assessment surveyed by the Washington-based think tank and the Wall Street Journal, India is remained in the ‘mostly unfree’ category.

According to the report, India has a 55.6 percent free economy in a scale of 100. However, Tanzania showed 56.4 percent free economy, better than India in the index.

On the other hand, the study also reported that India has developed its performance by 3.3 percentage points since last year.

On the other hand, India’s performance was rated lower than the regional average. Among the Asia pacific countries, India ranked at 19th among 30 countries.

In the index, Pakistan ranked at 89 with its 58.2 percent free economy. China was ranked 119 with 61.6 percent. Hong Kong topped the chart with 89.3 percent of free economy.

The Heritage Foundation has made the index of free economies by taking into account 10 broad factors of freedom. If we talk about India’s performance, here is the performance chart based on some broad factors of freedom.

# Business freedom- 49.6 percent freedom

# Trade Freedom- 51.2 percent freedom

# Fiscal freedom- 84.8 freedom

# Freedom from government- 89 percent free

# Investment freedom- 40 percent free

The foundation index also pointed out some diverse areas where India needs to work upon comprehensively to make itself more business friendly.

The report said that

India could improve in several areas such as business freedom, trade freedom, financial freedom, investment freedom, and freedom from corruption.

The foreign investment is overly synchronized in India. The country’s judicial system is unpredictable and congested by a large backlog of cases.

However, the large financial sector India is running great towards future.

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