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WEF ranks India as 39th most competitive economy [Economy]
India has risen rapidly among all countries in the global competitive stakes by climbing 16 notches to 39th position during the past year in the WEF’s Global Competitiveness Index.
According to the World Economic Forum’s (WEF) latest Global Competitiveness Report for 2016-17 this marks the biggest scale of improvement in competitiveness among all countries and is the second year in a row India has gone up 16 ranks in the WEF index.
It suggests that improvements in institutions and infrastructure have increased overall competitiveness along with recent reforms such as opening the economy to foreign investors and increasing transparency in the financial system.
India’s competitiveness has improved, particularly in goods market efficiency, business sophistication and innovation, while lower oil prices and improved monetary and fiscal policies have made the economy not only stable, but also the fastest growing among G20 countries.
India’s tax regulations, corruption, tax rates and poor public health are the most problematic factors for doing business. The labour market rigidities and the presence of large, public enterprises especially in the utilities and financial sector make the economy less efficient.
Lack of infrastructure and ICT use (where India is ranked 120th in the world) remain bottlenecks.
While India is the only South Asian economy in the top half of the rankings, Sri Lanka surprisingly ranks ahead of it in ‘technological readiness’ — one of twelve pillars on which countries are rated.
The country’s biggest relative weakness today is in technological readiness, where initiatives such as Digital India could lead to significant improvements.