India is improving its spot among other competitive economies as India laddered 16 positions up and ranked with 55th 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
- United States
- Hong Kong
- United Kingdom
INDIA’s RANKINGS IN SUB- INDICES
- In macroeconomic environment India is ranked at 91st 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 60th
- Quality of its electricity supply India ranked 91st which is still down
- On hiring-and-firing practices in the labour market India ranks 25th
- Favouritism in the decisions of government officials 32nd
- Quality of health & primary education it ranks 52nd
- In available airline seats per km ranked at 11th
- In terms of infrastructure it is ranked at 81st.
- Burden of government regulations 27th
- Trust in politicians India ranked 31st
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.