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India slips in competitiveness
India slips in competitiveness, Weighed down by challenging economic conditions for most part of the past year, India has slipped to 71st position - the lowest among BRICS countries - in an annual global competitiveness list, with Switzerland claiming the top spot.
Geneva/New Delhi: Weighed down by challenging economic conditions for most part of the past year, India has slipped to 71st position - the lowest among BRICS countries - in an annual global competitiveness list, with Switzerland claiming the top spot.
The country has declined in most areas assessed by the GCI (Global Competitiveness Index) since 2007, most strikingly in institutions, business sophistication, financial market development, and goods market efficiency – World Economic Forum
The annual list, released on Wednesday by Geneva-based World Economic Forum (WEF), comes at a time when the new Indian government has completed 100 days in power and has promised further steps to revive its economy and the ease of doing business in the country.
“Continuing its downward trend and losing 11 places, India ranks 71st. The country’s new government faces the challenge of improving competitiveness and reviving the economy, which is growing at half the rate of 2010,” WEF said.
As per the Global Competitiveness Report 2014-15, Switzerland is the most competitive economy, followed by Singapore. Other countries in the top ten are Finland (4), Germany (5), Japan (6), Hong Kong SAR (7), Netherlands (8), United Kingdom (9) and Sweden (10).
China, which has improved its position by one place to 28th spot, leads the BRICS grouping, among which India has the least ranking. Russia is ranked at 53rd position, followed by South Africa (56) and Brazil (57). “India’s decline of 11 places to 71st, set against the gains of the ASEAN 5 countries, suggests that the competitiveness divide South and Southeast Asia is becoming more pronounced,” WEF said.
According to the report, India’s slide in the competitiveness rankings began in 2009, when its economy was still growing at 8.5 per cent (it even grew by 10.3 per cent in 2010).
“The country has declined in most areas assessed by the GCI (Global Competitiveness Index) since 2007, most strikingly in institutions, business sophistication, financial market development, and goods market efficiency,” it added.
WEF further said that India needs to create a sound and stable institutional framework for local and foreign investors as well as improve connectivity.
The rankings are based on WEF’s GCI which is based on scores covering 12 categories.
