Phooey. Phooey. The word has a ring to it that makes it a particularly delightful one for fisking. Especially when it is The Economist that is at the receiving end. (linkthanks Ramesh Jagannathan)
Sometimes the most eminent journals spout rubbish. The Economist, the British weekly, has ranked India at the bottom of 15 emerging markets in terms of riskiness. Phooey.
I have no starry-eyed illusions about India. I am at the forefront of critics pointing out that, despite record GDP growth, India ranks pretty low on a wide range of indicators ranging from the Human Development Index (UNDP) and Corruption Perception Index (Transparency International) to the Index of Economic Freedom (Heritage Foundation) and Doing Business indicators (World Bank). Many of these low rankings are fully justified. But the Economist ’s index of economic riskiness is, alas, best consigned to the dustbin. [Swaminathan S Anklesaria Aiyar/TOI]
BTW: Swami discloses that he was The Economist’s India correspondent for 22 years. Perhaps TOI follows a different convention, but The Economist should be referred to as “a British weekly” according to its own style guide.