By IANS
New Delhi : The reform process that has taken India’s economy to new heights has taken place more rapidly and in a more successful manner than in China, said a study.
The study, called Transformation Index, was conducted by German NGO Bertelsmann Foundation. It has ranked 125 countries on the basis of development, management and market economy.
India has been ranked 25, just behind Singapore, Brazil and South Africa, in terms of development as compared to China, which obtained 85th rank.
India attained position 19 in an evaluation of the management performance of its political decision makers, whereas China has been ranked 67.
The study applauded the steps taken by India over the years to accommodate the various minority and sub-minority groups into its social fabric.
However, it has urged the Indian judicial system to be more proactive. It has also asked for more measures to be taken to protect civil rights in conflict regions.
“That the country has one of the most dynamic national economies in the world is beyond doubt, but deficiencies in the area of reform have threatened to block this development,” the study’s authors said in a statement.
For India to maintain its growth rate of eight percent, it has to pursue its economic reforms more rigorously, which it has to do by addressing issues that have created obstruction in its development, the study said.
“The most pressing requirements are the resolute pursuit of reform in the state sector and the curtailing of unproductive subventions, along with reducing the existing household deficit,” it said.
“A need for reform also exists in the adaptation of legal controls governing occupational safety, property ownership and bankruptcy to bring them into line with international standards. The modernisation and expansion of a still underdeveloped infrastructure also demands considerable efforts,” it added.
The Bertelsmann Foundation Transformation Index analyses and evaluates the quality of democracy, market economics and political management in 125 developing and transformation countries.