For the second time consecutively, India has jumped 16Â ranks this year in the ranking of the world’s most competitive nations by World Economic Forum (WEF). With this jump, India is now ranked 39th among 138 countries in Global Competitiveness Index of WEF, which is the most reputed economic organisationsÂ in the world with its headquarters in Geneva (Switzerland). India was placed at 71st rank in 2014, but has been the best performer for two years in succession by jumping 16 ranks both the times. In a short span of two years, India has improved its rankings from 71 to 39. This is a huge improvement and shows the emergence of India as an economic powerhouse. With this jump, India is the second most competitive nation among BRICS, only China being ahead at 28th rank.
The quantum leap in the competitiveness in last two years is because of various monetary and fiscal policies of Narendra Modi led government. Also, the schemes like ‘Make in India’, ‘Startup India’ and ‘Standup India’ ; web portal for setting up of industries, relaxation of FDI in multiple sectors, cutting down red-tapism and increased transparency at the highest levels has fuelled the competitiveness of India.
Here is the graph from World Economic Forum which shows amazing development in India in last 2 years –
The WEF”™s Global Competitiveness Report 2016-17 stated – “Thanks to improved monetary and fiscal policies, the Indian economy has stabilised and now boasts of the highest growth among G20 countries.Â 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.”
The five most competitive nation of the world are Switzerland, Singapore, USA, Netherlands and Germany occupying the first 5 slots, followed by Sweden, UK, Japan, Hong Kong and Finland. Among the countries in neighbourhood, Sri Lanka is ranked at 71, Nepal 98, Bangladesh 106, and Pakistan at a dismal 122. The competitiveness is measured with 12 parameters, such as strength of the Institutions, Infrastructure, macroeconomic environment, Health and Education, Higher Education, Goods Market efficiency, labour market efficiency, Financial market development, technology, Size of the market, Business sophistication and Innovation.
With GST set to roll out by April 2017, improved connectivity, better infrastructure and further liberalisation of economy, India is expected to move further up the ladder under the governance of Shri Narendra Modi. Isnt an improvement from Rank 71 to Rank 39 in just two yearsÂ ‘achhe din’ ? Here is a short video
For more details, please refer to the complete WEF Report here :