JK gets rank 11 in EFI

JK gets rank 11 in EFI

BILAL HUSSAIN
Srinagar, June 19: J&K has secured rank 11 in 2007 in the economic freedom index, a study conducted by Fraser Institute – Economic Research Institute based in Canada.
According to the EFI which was released at a seminar here today the J&K has secured rank 11 in 2007 in its index wherein it has studied 20 odd states in India.
The EFI measures the degree of economic freedom in five major areas: size of government, legal structure, access to spend money, freedom of international trade, and regulation of credit, labor, and business.
While making the index for the J&K only three parameter have been taken into account viz. the size of government, legal structure and regulation of credit, labor and business.
To mention the state in 2004 had secured 10th rank, in 2005 14th and in 2006 13th .
Economic Advisory to J&K government and CEO JK Bank, Dr Haseeb Drabu on the occasion said the constructions of the index are fine but the most important aspect of it is the implementation part. He said the regulation is not meant for curbing economic liberalization but it is more about bringing discipline in the markets.
These days much of the talk is going on curbing the foreign capital inflow in the Indian markets. Dr Drabu suggested a measure for stabilizing the Indian markets. “If foreigners are flooding Indian markets with huge capital inflow we should reciprocate back by flooding their labor market,” he said.
Deputy Chief Minister, Muzaffar Hussain Baigh said the common masses don’t understand high definitions of economics but what they are worried and concerned about is its implementation part, which directly affects them. “Articulation of the economic polices on the ground has to be done in a manner to benefit public at large,” he said.
Executive Programmer, Subodh Kumar, told Greater Kashmir that there is a project on economic freedom network in 141 countries. The project started way back in 2004 and has started working on the index.
Vice Chancellor Islamic University of Science and Technology, Siddiq Wahid said these kinds of seminars sensitize state administration, politicians, and academicians to discourse on economic freedom and political economy.
During the past decade, the concept of economic freedom has attracted attention of economists around the world. Researchers for examining the effects of economic freedom on economic performance and human development have extensively used the economic freedom of world index. So far significant a number of economic papers have been accumulated.
The seminar was organized by the Islamic University of Science and Technology and supported by the Friedrich Naumen Stiftung, an international developmental organization.