India behind other emerging mkts in promoting prosperity

MUMBAI: India has been ranked 70th among 104 nations, lower than other emerging markets like China, Brazil and Russia, in promoting overall prosperity, according to the 2008 Legatum Prosperity Index.

"Despite the recent economic gains following India's liberalisation and its relative independence from foreign aid, the country still ranks poorly in promoting overall prosperity," the 2008 Legatum Prosperity Index said in its report.

The index defines prosperity as a holistic combination of material wealth and life satisfaction, and thus measures how well nations are promoting both economic growth and quality of life.

"Ranked 70th, India's position is comparatively lower than the other emerging market giants of China, Brazil and Russia but ranks higher than its neighbours, Pakistan and Bangladesh, which are ranked 85 and 89 respectively," the report said.



The Index indicated that India's growth has been adversely affected due to its lack of economic openness primarily in areas of policies promoting trade freedom, foreign trade and investments.

The Prosperity Index's assessment is based on 44 different indicators of both economic competitiveness and liveability.