India ranks 55th on 2015 Global Competitiveness Index: WEF Report

India has been placed at 55th position on 2015 Global Competitiveness Index of the world’s most competitive economies.

It was published in Global Competitiveness Report of World Economic Forum (WEF) which has assessed total 140 countries.

Key facts

  • Switzerland has retained its top position as the world’s most competitive economy for seventh year in a row.
  • Top 10 countries are: Switzerland, Singapore, United States, Germany, Netherlands, Japan, Hong Kong, Finland, Sweden and United Kingdom.
  • Ranking among emerging economies: China (28th), South Africa (49th) and India (55th).
  • India moved up 16 positions in this edition of index as compared to 71th position in 2014.
  • The jump in India’s position has been attributed to its recent economic recovery, improvement in the competitiveness of institutions, macroeconomic environment and slight improvement in infrastructure.
  • Most problematic factors for doing business in India are policy instability, corruption, inflation and access to finance.
  • India ranks in areas such as investor protection, quality of education system, gross national savings, venture capital availability, GDP and domestic market size, hiring and firing practices, burden of government regulation and public trust in politicians.

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Categories: Business & Economy Current Affairs 2017

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