India rose its and standard and ranked at 41st position on the IMD World Competitiveness Scoreboard, 2016.
Hong Kong takes the place of US by the World’s most competitive economy.
Top places of Countries:
- Switzerland, Singapore, Sweden, Denmark, Ireland, the Netherlands, Norway and Canada.
- Asia’s competitiveness downturn rankings in 2015 with countries like Taiwan, Malaysia, Korea Republic, Indonesia and China.
Reasons for the depreciation:
- Reduction of commodity prices
- Increased value of dollar
- Drop of balance sheets in both the private and public sectors
- The director of IMD World Competitiveness Center, Arturo Bris provided the analysis report for the economic fall among the countries.
- The rankings are framed on the basis of 340 criteria grouped under four head
i. Economic performance
ii. Government efficiency
iii. Business efficiency
- The enhancement in business efficiency towards India when compared to the last
India improved from 33rd position to 31st position by the accomplishment in an innovative , remunerative and responsible
|Labour Market 22 12|
|Management practices 47 36|
|Attitudes and values 23 18|
|Fall in finance 27 33|
|International investment 31 9|
|Employment 9 5|
But the performance criteria on price level is uttermost failure having rank 55 in 2016 from 37 position in 2015.
- Infrastructure ranking depreciates in performance standing 58th position from 53rd position.
- The advancement functionality suitably works in the field of public finance , institutional framework and business legislation.