India ranks 73rd on a list of 123 of the world's freest economies, according to a study released in Washington.
Hong Kong tops the list, while Singapore and the United States are on the second and third slot, respectively, in the seventh annual Economic Freedom of the World Report 2001.
The list of 123 countries was published by the Cato Institute, Canada's Fraser Institute and more than 50 other institutes, including India's Centre for Civil Society.
"The research is unambiguous that freeing people economically unleashes individual drive and initiative and puts a nation on the road to economic growth," Nobel laureate Milton Friedman said in a statement accompanying the report.
"By freeing people from government dependence and creating prosperity, economic freedom also helps establish other freedoms and democracy," he said.
Countries are ranked on a scale of 10 to zero -- 10 being the freest and zero being the least free.
India gets a score of 6.1 and China a score of 5.5.
The other countries topping the list were New Zealand and Britain at the fourth position, Canada at the sixth slot and Australia, Ireland and Switzerland tied at seventh.