India zooms 16 places to 39th position in global competitiveness index

India jumped 16 positions in the latest rankings released by the World Economic Forum to 39th in the world. Making India the fastest country to climb up the ranking charts. It was ranked 55th in 2015-16.

The Global Competitiveness Report 2016-2017 assesses the competitiveness landscape of 138 economies, providing insight into the drivers of their productivity and prosperity.

Methodology adopted by the WEF is primarily on the set of institutions, policies, and factors that determine the level of productivity of an economy, which in turn sets the level of prosperity that the country can achieve.

Switzerland, Singapore and the United States remain the three world’s most competitive economies globally.

India’s competitiveness improved across the board, particularly in goods market efficiency (60), business sophistication (35) and innovation (29). WEF said recent reform efforts by the government have concentrated on improving public institutions (up 16 places), opening the economy to foreign investors and international trade (up 4), and increasing transparency in the financial system (up 15).

Reforms agenda adopted by the current dispensation has started to show positive results in terms of ranking from global agencies. Next up will be the World Bank’s ease of doing business report which will be keenly watched.