Right to property will lead to prosperity, according to economists.
"The difference between prosperity and poverty is property," said economist Dr Chiranjivi Nepal during the launch of International Property Rights Index 2012 here today organised by Samriddhi, the Prosperity Foundation.
Legal backup to property rights will ensure economic growth, he said, adding that only democracy and natural resources will not propel economic growth. "Those countries that have more property rights have recorded better economic growth as compared to those that have fewer property rights," said Nepal, citing the example of North and South Korea."
Better legal and political environment for property rights will ensure economic growth," said former bureaucrat and economist Dr Bhola Chalise. "Traditionally, property is a right in our culture but the constitution also has to guarantee it as a fundamental right to push economic growth," he said, adding that the current government has done nothing to improve property rights in the country.
The report that has listed 130 economies that contribute around 97 per cent of the total gross domestic product of the world has also included intellectual property rights as one of the indicators.
"The guarantee of Intellectual Property Rights will attract more foreign direct investment," said executive director of IP Initiative Madhu Soodan Poudyal.