Washington, Jan 14
Asia's two economic giants, India and China, have been rated "unfree" and ranked 120th and 137th respectively, in the 2014 Index of Economic Freedom by US think tank Heritage Foundation and the Wall Street Journal.
"The foundations for long-term economic development continue to be fragile in the absence of effectively functioning legal frameworks," the editors of the Index wrote.
"Progress with market-oriented reforms has been uneven and has often backtracked at the urging of those with a political interest in maintaining the status quo."
The world's largest economy, the United States, fell out of the top 10, its score declining enough to leave it in the 12th slot overall as Hong Kong and Singapore finished first and second in the rankings for the 20th straight year. Australia, despite a drop in its score, held on to third place.
The 2014 Index finds notable declines for the US in fiscal freedom, business freedom and property rights, placing it again behind its neighbour to the north, Canada, a media release said.
By:IANS