India was placed at 40th spot among 137 countries in World Economic Forum’s (WEF) Global Competitiveness Index (GCI) 2017-18. India has slipped by one position compared to 39th spot in 2016 GCI.
Global Competitiveness Index
WEF’s GCI assesses competitiveness of countries to provide insight into drivers of their productivity and prosperity. GCI scores are calculated on basis of 12 categories called ‘pillars of competitiveness which covers both business and social indicators. It includes pillars such as institutions, infrastructure, health and primary education, labour market efficiency, financial market development, technological readiness and market size.
Key Highlights of 2017 GCI
Top 5 Countries: Switzerland (1st), United States (2nd), Singapore (3rd), Netherlands (4th) and Germany (5th).
BRICS Countries: China (27th), Russia (38th), India (40th), South Africa (61st) and Brazil (80th).
India related facts: India remains most competitive country in South Asia. It has improved across most pillars of competitiveness, particularly infrastructure (66th, up by 2), higher education and training (75th, up by 6), and technological readiness (107th, up by 3) reflecting recent public investments in these areas. The report has lauded India’s efforts in information and communications technology (ICT) sector as it can boost internet economy.
Global Challenges: According to 2017 GCI, there are risks from uncertain global economic conditions. Since 2008 global financial crisis, prospects for sustained economic recovery remain at risk due to widespread failure on part of leaders and policymakers to put in place reforms necessary to underpin competitiveness.