India Ranks 40th in Global Competitiveness Index 2017-18
India has ranked 40th out of 137 countries in the recently released Global Competitiveness Index (GCI) 2017-18 by World Economic Forum (WEF). This year India’s rank has dropped by one spot as compared to 39th rank in Global Competitiveness Index 2016-17. However, the two rankings are not comparable because of a change in the methodology for computing this year’s index.
About Global Competitiveness Index:
- Global Competitiveness Index(GCI) is a yearly compilation by the World Economic Forum.
- The index measures national competitiveness – defined as a set of institutions, policies and factors that determine the level of productivity of an economy, which in turn sets the level of prosperity that the economy can achieve.
- The GCI combines 114 indicators that capture concepts that matter for productivity and long-term prosperity.
- These indicators are grouped into 12 pillars viz. institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labor market efficiency, financial market development, technological readiness, market size, business sophistication, and innovation.
Highlights of Global Competitiveness Index Report 2017-18:
- As per the report, India (40th rank) has stabilized this year after its big leap forward of the previous two years. India’s score has improved across most pillars of competitiveness, particularly infrastructure (66th, up two), higher education and training (75th, up six), and technological readiness (107th, up three), reflecting recent public investments in these areas.
- India’s Performance has also improved in Information and Communications Technology (ICT) indicators, particularly Internet bandwidth per user, mobile phone and broadband subscriptions, and Internet access in schools.
- The report has outlined that private sector in India, still considers corruption to be the most problematic factor for doing business.
- Switzerland, United States, and Singapore continue to be the world’s top three competitive economies.
- China (27th) and Russia (38th) outshine India among the BRICS group of large emerging markets.
- In South Asia, India has attained highest ranking, followed by Bhutan (85th rank), Sri Lanka (85), Nepal (88), Bangladesh (99) and Pakistan (115).
Top 10 Countries in Global Competitiveness Index 2017-18:
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