The Congress said that India’s economy needs to be evaluated in terms of the Global Misery Index (GMI).
About:
American economist Steve Hanke of Johns Hopkins University, an applied economist has popularised the GMI concept. He has ranked India a measly 44 out of 95 countries on GMI.
The benchmark index measures people’s “misery score” instead of the conventional gross domestic product (GDP).
Methodology:
It is based on the three parameters namely unemployment rate, inflation rate and lending rate.
To calculate misery index, the annualised growth of GDP is subtracted from the sum total of these three rates. That gives a score which really defines how miserable people living in a particular geography are.
Dear Student,
You have still not entered your mailing address. Please enter the address where all the study materials will be sent to you. (If applicable).
