India up 16 places to 55th on global competitiveness index

In a big jump, India has moved up  by 16 notch to rank 55th on a global index of the world’s most competitive economies. The jump in India’s position underlines the country’s recent economic recovery, improvement in institutions’ competitiveness, macroeconomic environment and a “slight improvement” in infrastructure, the World Economic Forum (WEF) said in its latest Global Competitiveness report.

Switzerland has retained its top position as the world’s most competitive economy for seventh year in a row and is followed by Singapore, the US, Germany and the Netherlands in the top-five.

Among emerging economies, India has ended five years of decline with a 16-place jump to 55th position. Turkey (51st), Brazil (75th) which posted one of the largest falls.

WEF said that the most problematic factors for doing business in India include corruption, policy instability, inflation and access to finance.

Here’s how India ranks across a range of areas

Parameter	Ranking
Market size	3
Innovation	42
Business sophistication	52
Financial market development	53
Institutions	60
Infrastructure	81
Health and primary education	84
Higher education and training	90
Macroeconomic environment	91
Goods market efficiency	91
Labour market efficiency	103
Technological readiness	120