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.
Contrary to previous trends Prime Minister Narendra Modi has declined to receive an honorary doctorate from Banaras Hindu University. Modi is not in favour of personal glorification and in past he declined such offers in past also.
BHU, in a statement, had said it proposed to confer Doctor of Laws (LLD) (honoris causa) on Modi in recognition of his “yeoman services as an innovator, reformer and an outstanding leader in public service and governance”.
Prime Minister Narendra Modi is visiting Modi will be visiting BHU on February 22 to attend its convocation.
Former Prime minister Dr. Manmohan Singh received honorary degrees from various national and international Universities. Former Prime Minister Dr. Manmohan Singh received Honorary Doctor of Law degree from the University of Alberta in 1997.The University of Oxford, Benaras Hindu University,University of Madras,King Saud University and the University of Cambridge also awarded such degrees to him.
As part of PM Narendra Modi’s first tour to Sri Lanka, India and Sri Lanka today signed four bilateral pacts which includes agreement on visa and customs to simplify trade and reduce non-tarriff barriers, agreement on youth development and building Rabindranath Tagore. Modi’s visit to Sri Lanka is the first stand alone bilateral tour by an Indian Prime Minister since 1987. Modi met Sri Lankan President Maithripala Sirisena and discussed issues of regional importance. Modi called for greater security cooperation with Sri Lanka whose drift towards China has raised concerns in India.
Modi said that it will take time to reach an amicable solution to the fishermen’s issue between India and Sri Lanka as it has both livelihood and humanitarian dimensions to it. The Prime Minister said his meeting with Sirisena has been very productive. It “gives me confidence and optimism about the future of our relations,” Modi said.
The progress indicates the countries’ shared commitment to stronger economic cooperation.
Modi said India stands ready to help Trincomalee become a petroleum hub and announced that India will provide a fresh Line of Credit of up to USD 318 million for the railways sector in Lanka to procure rolling stock, and to restore and upgrade existing railway track.
In addition, the Reserve Bank of India and the Central Bank of Sri Lanka have agreed to enter into a Currency Swap Agreement of USD 1.5 billion to help keep the Sri Lankan rupee stable.
“We stand with you in your efforts to build a future that accommodates the aspirations of all sections of society, including the Sri Lankan Tamil community, for a life of equality, justice, peace and dignity in a united Sri Lanka”, said Modi.