INDIA is mildly obsessed with rankings. More claims for record-breaking feats come from the country than from any other bar America and Britain, according to Guinness World Records, the publishers of a popular compendium of them. Its politicians like to boast that, as China’s economy falters, India is (or will soon be) the world’s fastest-growing big economy. And this month the commerce department published a ranking of India’s states according to the progress they had made on economic reforms. The initiative was inspired by the World Bank’s annual Doing Business report, which ranks countries on ten criteria, including the ease of starting a business, paying taxes and registering property. India lies a lowly 142nd out of 189 countries on the World Bank’s scorecard, but Narendra Modi, its prime minister, has pledged to propel it into the top 50.
Other leaders have similar ambitions. A favourable spot in the World Bank’s list is useful when pitching for foreign-direct investment or aid. Yet when such a measure becomes a target of policy, it may cease to be a reliable guide. Countries might...Continue reading
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