Global Competitiveness Index: India got 68th place in GCI

Global Competitiveness Index

Global Competitiveness Index: India got 68th place in GCI: India has moved down 10 places to rank 68th on an annual global competitiveness index, largely due to improvements witnessed by several other economies, while Singapore has replaced the US as the world’s most competitive economy.

Global competitiveness report is yearly report published by World Economic Forum. Since 2004, Global Competitiveness report is based on the Global Competitiveness Index. The Global Competitiveness Index integrates the macroeconomic and the micro/business aspects of competitiveness into a single index.

India, which was ranked 58th in the annual Global Competitiveness Index compiled by Geneva-based World Economic Forum (WEF), is among the worst-performing BRICS nations along with Brazil (ranked even lower than India at 71st this year). India is ranked also high at 15th place in terms of corporate governance, while it is ranked second globally for shareholder governance, the World Economic Forum study showed. In terms of the market size, India is ranked third, while it has got the same rank for renewable energy regulation. Besides, India also punches above its development status when it comes to innovation, which is well ahead of most emerging economies and on par with several advanced economies, the report said.

The Global Competitiveness Reports asses the competitiveness landscape of 144 economies of the world. It provides information about the drivers of their productivity and prosperity. The Report is the most comprehensive assessment of national competitiveness worldwide.

There are factor which affect the global competitiveness, these factors are like Physical Infrastructure, Coordination among the public sector agencies, High total factor productivity, Productivity campaigns, intensifying the R&D activities, improving the capacities of SME. Also the report is based on 12 pillars these are Institutions, appropriate infrastructure, stable macroeconomic framework, good health and primary education, higher education and training, efficient goods markets, efficient labor markets, developed financial markets, ability to harness existing technology, Domestic and International market size and innovation.

The Global Competitiveness Index’s annual reports are somewhat similar to the Ease of Doing Business Index and the Indices of Economic Freedom, which also look at factors affecting economic growth (but not as many as the Global Competitiveness Report).