India makes big stride in Global Competitiveness; closing in on China

India has made tremendous achievements in Global Competitiveness as per the 2016-17 Global Competitiveness Index report of the World Economic Forum. The WEF’s ace index measuring competitiveness of countries shows that India improved 16 places to reach 39th position. Last year, India’s ranking was 55. The report ranks 138 countries. India is the biggest achiever in the index as it made notable progress in most twelve pillars considered in the index.

South Asian colleagues of India are placed significantly lower. Sri Lanka is placed at 71, Bangladesh 106 and Pakistan at 122.

China is placed at 28th position and India is closing in remarkably as the latest three years’ report indicates. Switzerland retained the top rank index followed by Singapore. US, Netherlands and Germany follows them.

India’s competitiveness improved for most the competitiveness indicators. The improvement is more strong in goods market efficiency (60), business sophistication (35) and innovation (29).

The WEF observed that recent reform efforts by the government have produced improvement in public institutions (up 16 places), opening the economy to foreign investors and international trade (up 4), and increasing transparency in the financial system (up 15).