India yet to attain economic freedom: says official

Hyderabad, Nov 23 (UNI) Andhra Pradesh Planning, Principal Secretary A K Goel today said though the country attained freedom in 1947, it was yet to attain economic freedom.

Delivering key note address at a seminar on "Economic Freedom, Index of India: its Relevance for Economic Development", jointly organised by the Indian Institute of Economics (IIE), Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) and Rajiv Gandhi Institute of Contemporary Studies here, Mr Goel said freedom to do business, export, import, produce and involve in related activities was yet to be attained.

He said unless economic freedom was achieved mere political freedom means nothing. The economic freedom means personal choice, voluntary exchange, freedom to complete, protection of person, legal and monetary arrangements that not only protect property rights but also enforce contracts.

IIE Director B Yerran Raju said economic freedom was often defined as the absence of government coersion or constraint on production, consumption and distribution of goods and services beyond the extent necessary.

Earlier, welcoming the gathering, Sudhir Sanghi, President of FAPCCI said that the 'Composite Economic Freedom India' ranked Andhra Pradesh at second place in the country in 2005 and it would help the state gain access to direct forest investment.

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