India slips in quest for economic freedom

Economic freedom is one of the most desired fundamental human rights.

- PATRANGA BASU

It gives one confidence and ability to live in peace and to combat the hurdles of life boldly. Economic liberty includes freedom to decide how to use one’s labour and work, to enjoy the fruits of labour; the freedom to own and control private property and also to participate in a free market.Free markets and free people are the two major propellants of economic progress. We value freedom as individuals and as a society, and a good economy is one that promotes freedom.

The common belief that enthrals millions of minds is that more the GDP, the better is the condition of the people. It is not just economic size that can bring true prosperity and freedom. It ignores crucial factors like income inequality, environmental damage, health, education, and quality of life, focusing only on market transactions. GDP measures material goods and services, but leaves out the assessment of the state of freedom.

Economic freedom is being measured and expressed as a numerical figure. The Heritage Foundation of America has published every year since 1995 an Index of Economic Freedom covering every country. The index takes a comprehensive view of economic freedom. The Index Report 2025 conceded that economic freedom is under attack worldwide.

India is no exception. In the 2025 Index, India ranked 128th among 176 countries. India’s status, with a score of 53 ona scale of 0 to 100, is described as ‘mostly unfree’. India is consistently being marked as ‘mostly unfree’ since 2002. Prior to that India was designated as a ‘repressed’ country.

The report observed that freedom of the middle-class is stifled while the powerful are getting richer. It recommended rebuilding the well-functioning and healthy institutions of civil society that we need and deserve.