India’s global ranking slips one notch more: IMD

The survey says that though India has done exceedingly well in economic performance improving its rank to 24 from 33 implying that it remained relatively less affected from the worldwide recession, on the parameters India’s performance has been dismal than others except showing an improvement in productivity.

India’s slide down in factors like fiscal policy (9), labour market (28), management practices (43), globalisation (34) and basic infrastructure (48) has contributed among others, to the loss of one rank in the over all competitiveness, the survey mentioned. While citing the reasons for decline in India’s overall competitiveness, the survey reveals that adult illiteracy (over 15 years) rate as a percentage of population is highest where India ranks 49. At 47th rank, its labour regulations including hiring/firing practices, minimum wages etc, are not flexible enough impeding business efficiency. India’s overall productivity in terms of GDP per employed person is also lowest at 49.

Even in terms of implementing ethical practices in companies India lags way behind and ranks at 46, it says. While talking about the technological revolution, India stands last at 49 both in terms mobile telephone subscribers per 1000 inhabitants and internet usage per 1000 usage.

According to the survey some aspects in which India showed improvements during the year include domestic economy (24), employment (3), institutional framework (36), education (47) and scientific infrastructure (31).)

The annual ranking is based on the analysis of an exhaustive list of 314 criteria, covering four major factors including economic performance, government and business efficiency and infrastructure.