In a recent report released by the World Economic Forum (WEF), India has dropped 10 places to the 68th position on Global Competitive Index. Singapore topped the list displacing the United States.
China stands as the best performer at 28th position among the BRICS nations. Brazil ranked among the worst performing of the BRICS nations at 71 this year. Vietnam is the most improved country in the Asia-Pacific region, at 67. The Asia-Pacific region is held as the most competitive one owing to the presence of many closely competing countries in this region.
The WEF has maintained that despite what may seem from the steep lowering of rank, India’s competitive score has not lowered much. The reason behind India’s going down in ranking is primarily due to the improvement in competitive scores of other countries like Colombia, Turkey and South Africa among others.
India has ranked high with respect to market size and macroeconomic stability, corporate governance, shareholder governance and renewable energy regulation. The areas with steep low in India are information communications and technology adoption, poor health conditions and low healthy life expectancy.
It has been said in the report that India needs to expand its skill base and make improvements in trade openness in the product market, worker rights protection, labour market policies and increase the participation of women. Nations which lay stress on innovation, infrastructure, skills, research and development are doing better than ones that lay stress solely on the traditional factors of growth.
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