India ranked 71 in global competitiveness list
03/09/2014 17:01
According to a survey released by the World Economic Forum (WEF), India has tumbled 11 spots to a low 71st in the list of the world’s most competitive economies amid a persistent slowdown in Asia’s third biggest economy in recent quarters.
While Switzerland tops the list of the world’s most competitive economies, India’s ranking is the lowest among its other BRICS peers.
"Continuing its downward trend and losing 11 places, India ranks 71st. The country's new government faces the challenge of improving competitiveness and reviving the economy, which is growing at half the rate of 2010," WEF said.
"India's decline of 11 places to 71st, set against the gains of the ASEAN 5 countries, suggests that the competitiveness divide South and Southeast Asia is becoming more pronounced," WEF said.
Going forward, India’s ranking in the global competitiveness list is likely to improve as the new Modi government which has completed 100 days in office promises to undertake key reforms on the financial, tax and administrative front including faster project clearances, making it easier for foreign firms to do business in the country.
Further, the Indian economy has rebounded to above 5 per cent growth, and is likely to accelerate further in the coming quarters.
03/09/2014 17:01
According to a survey released by the World Economic Forum (WEF), India has tumbled 11 spots to a low 71st in the list of the world’s most competitive economies amid a persistent slowdown in Asia’s third biggest economy in recent quarters.
While Switzerland tops the list of the world’s most competitive economies, India’s ranking is the lowest among its other BRICS peers.
"Continuing its downward trend and losing 11 places, India ranks 71st. The country's new government faces the challenge of improving competitiveness and reviving the economy, which is growing at half the rate of 2010," WEF said.
"India's decline of 11 places to 71st, set against the gains of the ASEAN 5 countries, suggests that the competitiveness divide South and Southeast Asia is becoming more pronounced," WEF said.
Going forward, India’s ranking in the global competitiveness list is likely to improve as the new Modi government which has completed 100 days in office promises to undertake key reforms on the financial, tax and administrative front including faster project clearances, making it easier for foreign firms to do business in the country.
Further, the Indian economy has rebounded to above 5 per cent growth, and is likely to accelerate further in the coming quarters.
