India becomes the 58th most competitive economy on “Competitiveness Index” among 140 nations

All those patriotic Indians out there, pat your backs, here’s what you need to know. Having bagged every possible title to add credits to the name of India, our country has now bagged the position of 58th most Competitive Economy in a race with 140 Economies all over the world!

World Economic Forum’s Global competitiveness Index for 2018 has announced this news for India, among 140 other economies. Its amazing to know that India’s rank rose by 5 places from 2017, the largest gain among G20 economies. This has been a major development for our country, within just a year.

On the list of 140 economies, the US is followed by Singapore and Germany at the 2nd and the 3rd positions respectively. India was ranked 58th with a score of 62.0 in the latest Global Competitiveness Report. “This is the largest gain among all G20 economies,” WEF said.

According to the report, the top performers in the “upper and lower middle-income brackets”, such as China and India, are catching up with or even outperforming the average among high-income economies.

When compared with China, India is not far behind and let down only by some of its factors such as its less-efficient bureaucracy for business creation and insolvency. But it seems that its speedy recovery will beat its shortcomings soon in the future years to come.

As per the report, India leads the region in all other areas of competitiveness except for health, education and skills. “These two countries (India and Sri Lanka) are also the ones that can rely on the most efficient infrastructure system. India has invested more heavily on transport infrastructure and services, while Sri Lanka has the most modern utility infrastructure,” it added.

India gradually bagging better days in terms of economy is indeed a proud moment for those working towards the motive. What never happened in the past is now seem to be climbing ladder briskly. The term period of 2014-2018 has been a impressive and progressive year for India in every sector, as it grew with impressive numbers and whole of the world is stunned at it’s growth.

As per the report, India’s greatest competitive advantages include its market size, innovation (in particular the quality of its research establishments and business dynamism (including the number of disruptive businesses).

All the factors mentioned above have a complete match with all those aspects which PM Narendra Modi has been working for since all these years. It has been his unending efforts that has paid off its results getting this appreciation for our country. All people haters criticizing his era must make note of all these achievements making a mark on the Globe.

Source: Timesnow news

The Hindu Business Line