India ranks ninth in 2015 Crony-Capitalism Index
India is ranked ninth in 2015 Crony-Capitalism Index with crony sector wealth accounting for 3.4 per cent of the gross domestic product (GDP).
The index was based on new study by The Economist which had used data from a list of the world’s billionaires and their worth published by Forbes. In this study each individual is labelled as crony or not based on the source of their wealth.
- As per the index in India, the non-crony sector wealth amounts to 8.3 per cent of the GDP. In 2014 rankings too, India stood at the ninth place.
- Top countries in the list: Russia (1st), Malaysia (2nd), Philippines (3rd) and Singapore (4th). Top ranking in the list indicates countries are engaged more in crony capitalism.
- Russia ranks worst in the index, wealth from the country’s crony sectors amounts to 18 per cent of its GDP.
- Germany was ranked lowest and was found out to cleanest country, where just few of the country’s billionaires derive their wealth from crony sectors.