India has been placed at 55th position on 2015 Global Competitiveness Index of the world’s most competitive economies.
It was published in Global Competitiveness Report of World Economic Forum (WEF) which has assessed total 140 countries
Points to Note
- Switzerland has retained its top position as the world’s most competitive economy for seventh year in a row.
- Top 10 countries are: Switzerland, Singapore, United States, Germany, Netherlands, Japan, Hong Kong, Finland, Sweden and United Kingdom.
- Ranking among emerging economies: China (28th), South Africa (49th) and India (55th).
- India moved up 16 positions in this edition of index as compared to 71th position in 2014.
- The jump in India’s position has been attributed to its recent economic recovery, improvement in the competitiveness of institutions, macroeconomic environment and slight improvement in infrastructure.
- most problematic factors for doing business in India include corruption, policy instability, inflation and access to finance. The areas where India ranks better were
- Investor protection
- Gross national savings
- Quality of education system
- Venture capital availability
- Hiring and firing practices
- GDP and domestic market size
- Public trust in politicians
- Burden of government regulation
India’s Rank in Categories
- Competitiveness of its institutions – Rank 60
- Infrastructure – Rank 81
- Macroeconomic environment – Rank 91
- Budget deficits – Rank 131
- Quality of its electricity supply – Rank 91
- Technology readiness of its businesses – Rank 120