India Ranks 43 in World Competitiveness Index
- 30 May 2019
- 2 min read
As per 2019 edition of the IMD World Competitiveness Rankings India is 43rd most competitive economy in the world.
- Singapore, Hong Kong SAR and USA are top three Economies in terms of competitiveness.
- For the first time UAE ranked among top 5 economies.
- India's improved ranking by one place in past one year to 43rd,can be attributed to:
- Robust rate of growth in real GDP
- Improvements in business legislation
- Increase in public expenditure on education
- In the 2019 rankings, India has scored well on several economic parameters and tax policies but has lagged in terms of public finance, societal framework, education infrastructure, health and environment.
- Challenges before India remain:
- Maintaining high growth with employment generation,
- Digital literacy and internet bandwidth in rural areas,
- Managing fiscal discipline,
- Issues related to the implementation of Goods and Services Tax,
- Resource mobilisation for infrastructure development.
About World Competitiveness Ranking
- The list is compiled by the Switzerland-based International Institute for Management and Development (IMD)’s World Competitiveness Center (WCC).
- The IMD measures how well countries manage all their resources and competencies in order to facilitate long-term value creation.
- It takes into account a wide range of statistics such as unemployment, GDP and government spending on health and education, as well as data from an executive opinion survey covering topics such as social cohesion, globalisation and corruption.