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Now India is the 39th most competitive economy, a sharp rise in Global Competitiveness Index 2016

By   /  September 28, 2016  /  Comments Off on Now India is the 39th most competitive economy, a sharp rise in Global Competitiveness Index 2016

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Geneva/Mumbai:  India is the highest rising economy, climbing 16 places in The Global Competitiveness Index (GCI) 2016, released by the World Economy Forum today (28 September 2016). China, on 28, remains top among the BRICS grouping although another surge by India – which climbs 16 places to 39 – means there is now less of a gap between it and its peers. With both Russia and South Africa moving up two places to 43 and 47 respectively only Brazil is declining, falling six places to 81.

India climbed for the second year in a row, to 39th from 55th in 2015. Its 16-place improvement is the largest this year among the global economies. India’s rank has steadily improved from 71 in 2014-15 to 55 in 2015-16 and to 39 in the latest report. Switzerland, Singapore and the United States remain the world’s most competitive economies.

Commenting on the India’s achievement, Union Finance Minister Mr Jaitley further said “with this improvement in its ranking, India has covered a long distance and is well on its way to emerge as a major player in the global economy.”

The Global Competitiveness Index released by the World Economic Forum is one of the major studies which indicate how a country scores in the scale of global competitiveness. The Index is calculated by aggregating indicators across 12 pillars which again are clubbed together in three broad sub-indices, namely basic requirements, efficiency enhancers and innovation and sophistication factors. The report covers both business and social indicators which, directly or indirectly, impacts the competitiveness of the country in the global arena.

The 12 pillars underlying GCI include Institutions, Infrastructure, Macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication and innovation. India’s competitiveness has improved this year across the board, in particular in goods market efficiency, business sophistication and innovation. The macroeconomic environment also improved due to better monetary and fiscal policies and lower oil prices.

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