More work required to improve global competitiveness

Article Excerpt

In the 2019 Global Competitiveness report from the World Economic Forum, India ranked 68th out of 141 countries. This is the worst ranking of all the top 10 global economies. It also compares poorly with China’s 28th spot in the rankings. The competitiveness rankings are based on an assessment of 131 indicators, grouped into 12 different categories, or “pillars.” The key objective is to find the countries that are the most efficient in terms of production, namely their use of labour and capital. India ranks below 100 on five pillars and in the top 50 of just four pillars. The country ranks above average on macroeconomic stability (ranked 43rd out of 141 countries), and ranks highly on the size of its marketplace (ranked 3rd), courtesy of a large population. Its financial sector (40th) is relatively stable despite high loan losses. India also performs well when it comes to innovation (35th), ahead of most emerging economies. But the country has major…