December 2016 Current Affairs

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India ranks ninth in crony-capitalism index

India ranks ninth in crony-capitalism index
09 May 2016 Current Affairs: India is ranked at ninth position in crony-capitalism with crony sector wealth accounting for 3.4 per cent of the gross domestic product (GDP), according to a new study by British magazine The Economist.

In India, the non-crony sector wealth amounts to 8.3 per cent of the GDP, as per the latest crony-capitalism index.In 2014 ranking also, India stood at the ninth place.

Using data from a list of the world's billionaires and their worth published by Forbes, each individual is labelled as crony or not based on the source of their wealth.

Germany is cleanest, where just a sliver of the country's billionaires derives their wealth from crony sectors.Russia fares worst in the index, wealth from the country's crony sectors amounts to 18 per cent of its GDP.Russia tops the list followed by Malaysia, the Philippines and Singapore.

Among the 22 economies in the index, crony wealth has fallen by $116 billion since 2014.The past 20 years have been a golden age for crony capitalists tycoons active in industries where chumminess with government is part of the game.Their combined fortunes have dropped 16 per cent since 2014, according to The Economist updated crony-capitalism index.

Worldwide, the worth of billionaires in crony industries soared by 385 per cent between 2004 and 2014 to $2 trillion.


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
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October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
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September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
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25 AUG
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