India Climbs 16 Places To Rank 39th On Global Competitiveness Index By World Economic Forum

In some good news coming in, India has climbed 16 places to 39th rank on the Global Competitiveness Index prepared by the World Economic Forum as improved business sophistication and goods market efficiency pushed its ranking higher. The jump of 16 places for India from last year’s 55th place is the highest for any economy this year. India is also the second-most competitive among BRICS nations behind neighbouring China, which is ranked at the 28th position. For the eighth straight time, the list is topped by Switzerland as the most competitive economy. Singapore and the US are at the second and third positions, respectively. On the index, India has a score of 4.52 while that of Switzerland is 5.81. While India's competitiveness has improved across the board, the report also noted that India is still a long way from having in place all the competitiveness elements to realise its potential as a major global economy. The rankings are based on the Global Competitiveness Index, which is based on country-level data covering 12 categories, that includes institutions, infrastructure, macroeconomic environment among others.