Economic Bright Spot: This Is How India Fared On Global Competitiveness Index

In a significant improvement, India has jumped 16 places to settle at thirty-ninth position in the Global Competitiveness Index, making the country the fastest riser among 138 countries surveyed.

India’s competitiveness improved the fastest in 2015-16, with the key areas of improvement being public institutions and increasing transparency in the financial system. 

The latest Global Competitiveness Report by World Economic Forum (WEF) marks the biggest scale of improvement for India in competitiveness among all countries, and is the second year in a row India has gone up 16 ranks on the index.

India is also the second most competitive BRICS (Brazil, Russia, India, China and South Africa) economy and will grow faster than China this year, said the WEF in the report.

The country’s competitiveness has improved in goods market efficiency, business sophistication and innovation, the report said and added that while lower oil prices and improved monetary and fiscal policies have made the economy not only stable, but also the fastest growing among G20 countries.

The new ranking has come as a major boost for Prime Minister Narendra Modi, given his repeated push for economic reforms in the country.

The WEF analysts have called India the best-performing economy in south Asia and an engine of growth in the region.

They said, if implemented well, the Goods and Services Tax will be a “game changer” for country.