According to The Economist’s index of crony capitalism study there is sharp decline in Crony capitalism in India. Crony capitalism was 18 percent of GDP in 2008 but currently it is just 3% of GDP.
“Encouragingly, India seems to be cleaning up its act. In 2008 crony wealth reached 18 percent of its GDP, putting it on a par with Russia. Today it stands at 3 percent of its GDP, a level similar to Australia,” the study revealed.
According to the study Russia is the worst crony-capitalist country and Germany is the cleanest country.
Russia has been ranked the worst crony-capitalist country, followed by Malaysia, Philippines, Singapore, Ukraine, Mexico, Indonesia and Turkey above India. India has been ranked 9th followed by Taiwan and China that are ranked 10th and 11th.
The magazine’s index of crony capitalists is based on a study by Ruchir Sharma of Morgan Stanley Investment Management and Aditi Gandhi and Michael Walton of Delhi’s Centre for Policy Research.