Centre for Civil Society (CCS), India’s leading policy think tank, announces the release of the Economic Freedom of the World (EFW) Report, 2024. Released annually by the Fraser Institute, this comprehensive report has ranked India at 84th among 165 countries, marking a notable improvement from last year's 87th position. This improvement in ranking underscores India’s ongoing efforts to advance economic freedom and creates momentum for future growth.
The EFW index, which evaluates nations based on their policies and institutions that allow individuals to make economic choices, uses 45 data points across five key areas. It also includes a Gender Legal Rights Adjustment, reflecting the disparities in economic freedom between men and women. According to the report, India has demonstrated significant progress in areas such as regulation and sound money, experienced slight improvements in the size of government, but has seen a decline in freedom to trade internationally.
"With the world shifting its focus beyond China for manufacturing, production, and other critical sectors, India must assert herself as the leading alternative that global businesses are actively seeking," Dr. Amit Chandra, CEO of CCS emphasized. "This is a pivotal moment, and India has the opportunity to capitalize on this global realignment by strengthening its economic freedom and ensuring a competitive, open market that attracts foreign investment."
The report says, although India has made important strides in optimizing the size of its government, there are still critical gaps in international trade freedom and regulatory reform that must be urgently addressed. CCS firmly advocates for a comprehensive set of reforms grounded in the principles of individual choice and institutional accountability. These reforms must prioritize improving government efficiency, strengthening the legal system to protect property rights, upholding sound monetary policies, liberalizing international trade to enhance global competitiveness and streamlining regulations to create a business environment that champions free enterprise and competition. Without these decisive actions, India risks stifling its economic potential.