Inclusive Development Index 2018 Released

The World Economic Forum summit at Davos, Switzerland commenced on 22nd January 2018.
Over 3000 leaders from all over the world attended the 48th World Economic Forum themed “Creating a Shared Future in a Fractured World”.

• The World Economic Forum reported that India was ranked at 62nd place on an Inclusive Development Index (IDI). 

What is Inclusive Development Index?

• The Inclusive Development Index is an annual assessment of the economic performance of 103 countries that measures how these countries perform on the eleven dimensions of economic progress in addition to the GDP (Gross Domestic Product). It has 3 pillars; growth and development; inclusion and; intergenerational equity – sustainable stewardship of natural and financial resources. The IDI is a project of the World Economic Forum’s System Initiative on the Future of Economic Progress. IDI aims to enable sustained and inclusive economic progress through deepened public-private cooperation. This cooperation can be achieved through effective leadership and analysis, strategic dialogue and cooperation, by accelerating social impact through corporate action. 

Key Facts

• India was ranked much below China’s 26th position and Pakistan’s 47th position. 
• Norway maintained its position as the world’s most inclusive advanced economy while Lithuania again topped the list of emerging economies. 
• The 2018 index, which measures progress of 103 economies has been divided into two parts. The first part covers 29 advanced economies and the second 74 emerging economies. 
• The index has also classified the countries into five sub-categories in terms of the five-year trend of their overall Inclusive Development Growth score — receding, slowly receding, stable, slowly advancing and advancing. 
• India is among the ten emerging economies with ‘advancing’ trend. 
• The top-five most inclusive emerging economies are Lithuania, Hungary, Azerbaijan, Latvia and Poland. 
• Among the BRICS economies, Russia is ranked at 19th position followed by China at 26th, Brazil at 37th, India at 62nd and South Africa at 69th. 
• Of the three pillars that make up the index, India ranks 72nd for inclusion, 66th for growth and development and 44th for inter-generational equity. 
• The IDI takes into account the living standards, environmental sustainability and protection of future generations from further indebtedness. 
• As far as the last year rankings are concerned, India was ranked 60th among 79 developing countries against China’s 15th and Pakistan’s 52nd position.