India Placed 39th on the Global Competitiveness Index

BENGALURU: The World Economic Forum (WEF) has placed India at the 39th spot in the latest competitive economy index. As per the Global Competitiveness Index prepared by the WEF, India climbed 16 places due to improved business sophistication and goods market efficiency. Switzerland tops the list, followed by Singapore and the US.

This massive jump of 16 places for India from last year's 55th place is the highest among all countries this year. India is second among the BRICS nations, where it is behind neighboring China, which is ranked 28th on the list. On the Global Competitiveness Index, India’s score is 4.52 while that of Switzerland is 5.81. 

"Thanks to improved monetary and fiscal policies as well as lower oil prices, the Indian economy has stabilized and now boasts of the highest growth among G20 countries," according to WEF's Global Competitiveness Report 2016 17. 

Furthermore, the report stressed the fact that India is "still far" from realizing its full potential as a major global economy. The labor market is still trying to free itself from the shackles of rigid regulations, while infrastructure also remains a roadblock. 

The rankings are based on the Global Competitiveness Index (GCI) in which 138 economies were assessed. This broad-based survey covers 12 categories including institutions, infrastructure, health and primary education, macroeconomic environment, financial market technological readiness, development, market size, business sophistication and innovation. The survey provides meaningful insights into the drivers of various economies. 

According to WEF, the degree to which economies are open to international trade has been declining for 10 years and this could possibly hurt prosperity in the near future. 

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