According to the Global Competitiveness Index 2019, India has been ranked 68th, down 10 places from previous year. Last year it was at 58th place.
Singapore has replaced the U.S. as the world’s most competitive economy in the index, released by the Geneva-based World Economic Forum (WEF) on October 9, 2019.
The World Economic Forum said that the drop of 10 places in India’s position to 68th place may look dramatic, but the decline in the country’s competitiveness score is relatively small. A number of similarly-placed economies including Colombia, South Africa and Turkey improved over the past year and hence have overtaken India.
Sri Lanka at 84th place, Bangladesh at 105th, Nepal at 108th and Pakistan at 110th place.
India’s ranking on different parameters
India is ranked 2nd globally for shareholder governance, at 15th place in terms of corporate governance, 3rd in terms of the market size, 3rd rank for renewable energy regulation. On the flip side, India has been ranked 109th out of total the 141 countries in healthy life expectancy, at 128th place in terms of ratio of female workers to male workers. India is also ranked low at 118th in terms of meritocracy and incentivisation and at 107th place for skills.
About GCI 4.0
Introduced in 2018, the GCI 4.0 is the fourth and latest iteration of the methodology used by the Global Competitiveness Report,which has been assessing countries every year since its first edition in 1979.
The GCI 4.0 is a compass for policy-makers and other stakeholders: it provides guidance on what matters for long-term growth. It can inform policy choices, help shape holistic economic strategies and monitor progress over time.
The GCI 4.0 framework is organized into 12 main drivers of productivity, or ‘pillars’. It places a premium on factors that will grow in significance as the Fourth Industrial Revolution (4IR) gathers pace: human capital, agility, resilience and innovation.
