India has jumped 16 ranks to settle at the 39th spot on the global competitiveness index prepared by the World Economic Forum, that lists 138 countries. This is the second year in a row that India has jumped 16 spots. In the year 2015-16, India was ranked at the 55th place. The WEF ranking comes in as a major boost for Prime Minister Narendra Modi, given his repeated push for economic reforms in the country.
India’s “competitiveness has improved across the board, in particular in goods market efficiency, business sophistication, and innovation”.
“Thanks to improved monetary and fiscal policies as well as lower oil prices, the Indian economy has stabilised and now boasts of the highest growth among G20 countries,” the WEF’s Global Competitiveness Report 2016-17 stated.
India is also the second most competitive country among BRICS nations. “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,” WEF said in its report.