Global Competitiveness List 2014-15: India slides down to 71st rank

Challenging economic environment for most of the last year has pushed India down to 71st position in an yearly Global Competitiveness List 2014-15, released by the Geneva-based World Economic Forum (WEF). India has the lowest position amongst the 5 BRICS Nations. Switzerland is the most competitive economy.

The yearly list, has come at a time when the fresh Modi Government has just completed 100 days in power. Thus it faces faces the test of bettering competitiveness and revitalizing the economy, which is at present growing at half the rate of 2010.

As per the Global Competitiveness Report 2014-15 the Top 10 nations are as follows:-

1)   Switzerland

2)   Singapore

3)   United States

4)   Finland

5)   Germany

6)   Japan

7)   Hong Kong SAR

8)   Netherlands

9)   United Kingdom

10)  Sweden

Ranking Amongst the BRICS Nations:-

28) China

53) Russia

56) South Africa

57) Brazil

71) India

The decline in position of India by 11 places to 71st, set against the gains of the ASEAN 5 nations, indicates that the competitiveness divide South and Southeast Asia is becoming more noticeable. India’s downslide in the competitiveness rankings started in 2009, when its economy was still rising at 8.5% (it even grew by 10.3% in 2010).

Bettering competitiveness would bring in enormous profits for India, it would help re-balance the economy and shift the nation up the value chain warranting more solid and stable growth. This would in turn produce more employment opportunities for the India’s speedily rising population.”

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