India on recovery phase – Ranked 55th in Global competitiveness Index

India is improving its spot among other competitive economies as India laddered 16 positions up and ranked with 55^th position on a global index among 140 countries of the world. This improvement in India’s position is a signal of the country’s economic recovery.

TOPPERS OF GLOBAL COMPETITIVENESS

1. Switzerland
2. Singapore
3. United States
4. Germany
5. Netherlands
6. Japan
7. Hong Kong
8. Finland
9. Sweden
10. United Kingdom

INDIA’s RANKINGS IN SUB- INDICES

• In macroeconomic environment India is ranked at 91^st because of reduction in commodity prices and government’s budget deficit also improved comparison to last year.
• In terms of competitiveness of its institutions India is ranked at 60^th
• Quality of its electricity supply India ranked 91^st which is still down
• On hiring-and-firing practices in the labour market India ranks 25^th
• Favouritism in the decisions of government officials 32^nd
• Quality of health & primary education it ranks 52^nd
• In available airline seats per km ranked at 11^th
• In terms of infrastructure it is ranked at 81^st.
• Burden of government regulations 27^th
• Trust in politicians India ranked 31^st

ABOUT GLOBAL COMPETITIVENESS INDEX

• GCI is a yearly assessment of economies published by World Economic Forum headquartered at Geneva.
• It combines the macroeconomic and the microeconomics business aspects of competitiveness into a single index to check the overall growth of the economy.
• Performance of the countries is measured on 12 factors – macroeconomic environment, health and primary education, institutions, infrastructure, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication and innovation.