India slips to 45th spot in IMD’s World Competitiveness rankings list
India slumped to 45th position from 41 in the latest list compiled in World Competitiveness year book published by International Institute for Management Development’s(IMD) and World a business school in Lausanne, Switzerland.
The book analysis is based Global Competitiveness Index as prepared by the World Economic Forum (WEF). Every year, WEF releases its Global Competitiveness Report based on their analysis of the world’s 138 economies. India has a score of 4.52 on the Index, while that of Switzerland, ranked 1st, is 5.81.
The WEF Report is based on the assessment of the world’s economies in various sectors – like the soundness of financial institution, the ease of doing businesses, innovation and so on.
The ranking is done according to the “12 pillars of competitiveness” divided into 3 groups for performance indexing.
Switzerland and Singapore continue to remain on top, while US slipped from 3 spot to 5th from last years report. As India slipped 4 places China which was ranked 28 in previous publication as climbed 10 places to 18 spot displacing Qatar.
China improved it’s position by the strong growth in international trade while India slid by 4 ranks.
“If you look at China, its improvement of seven places to 18th can be traced to its dedication to international trade. This continues to drive the economy and the improvement in government and business efficiency,” Professor Arturo Bris, Director of the IMD World Competitiveness Center said. -According to PTI.
Although corruption is still a considerable obstacle for aspiring investors. India’s macroeconomic stability pillar is said to greatly improved.
Digital competitiveness is another area in which India was ranked at 120th(in 2016-2017 report). In the latest edition which had a dedicated index for digital competition Singapore, Sweden, USA, Denmark held top spots while Indonesia, Peru, Ukraine, Venezula and Mongolia remained at the bottom.