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India falls 10 places to rank 68 in Global Competitive Index

India falls 10 places to rank 68 in Global Competitive Index

India Blooms News Service | @indiablooms | 09 Oct 2019, 09:21 am

Geneva: India has slipped 10 places in the Global Competitive Index to occupy 68th position out of 141 countries surveyed by the rankings.

Last year, India occupied 58th position in the index compiled by Geneva-based World Economic Forum (WEF).

Weak information, communication, and technology adoption have been cited as major reasons behind India’s drop in the rankings. Poor health conditions and low life expectancy are other reasons behind fall in competitiveness.

WEF has observed that the basic enablers of competitiveness in India have major shortcomings.

This year India is among the worst-performing BRICS nations like Brazil, which has been ranked 71.

Singapore, on the other hand, grabbed the first position, replacing the US as the most competitive economy. Hong Kong SAR has been ranked 3rd, while Netherlands and Switzerland the 4th and 5th competitive economy, respectively.

However, India has managed to rank high in terms of market size and microeconomic stability, though high delinquency of banks remained a matter of concern, WEF said while releasing the fresh index.

In terms of market size and renewable energy India ranked third and second in terms of shareholder governance, it said.

India ranks 15th in the world in terms of corporate governance, it added,

Out of 141 countries, India has been ranked 109 in terms of healthy life expectancy.

Despite Prime Minister Narendra Modi’s flagship Skill India programme, India has ranked a poor 107 in the skill index.