India Slips 10 Places To 68th On Global Competitiveness Index
India’s ranking in global competitiveness slipped 10 notches to rank 68th this year largely due to improvements witnessed by several other economies, a report showed Wednesday.
The “Global Competitiveness Report 2019” compiled by the Geneva-based World Economic Forum ranked Asia’s third-largest economy among the worst-performing BRICS nations along with Brazil, which was ranked 71st this year. BRICS is a grouping of Brazil, Russia, India, China, and South Africa.
"India ranks 68th, down 10 places in 2019. The drop is only partly the consequence of a relatively small decline in the score (61.4, -0.7 points), but also, and more significantly, the progress made by several countries ranked close to India," the report said. The forum said India ranked high in terms of macroeconomic stability and market size, while its financial sector was relatively deep and stable despite the high delinquency rate, which weakens the soundness of the banking system. India is also ranked high, at 15th place, in terms of corporate governance, and is at second spot globally for shareholder governance. In terms of the market size, India is ranked third, while it has got the same rank for renewable energy regulation. India is well ahead of the most emerging economies and on par with several advanced economies with regard to innovation, the report said. But, these positive metrics contrast with major shortcomings in some of the basic enablers of competitiveness. Limited ICT (information, communications and technology) adoption, poor health conditions and low healthy life expectancy were among the metrics pushing down India’s competitiveness score, it added. The forum said healthy life expectancy in India was one of the shortest outside Africa and significantly below the South Asian average. New Delhi was ranked 109 out of 141 countries surveyed. Meanwhile, Singapore overtook the US and became the world's most economically competitive country.
"India ranks 68th, down 10 places in 2019. The drop is only partly the consequence of a relatively small decline in the score (61.4, -0.7 points), but also, and more significantly, the progress made by several countries ranked close to India," the report said. The forum said India ranked high in terms of macroeconomic stability and market size, while its financial sector was relatively deep and stable despite the high delinquency rate, which weakens the soundness of the banking system. India is also ranked high, at 15th place, in terms of corporate governance, and is at second spot globally for shareholder governance. In terms of the market size, India is ranked third, while it has got the same rank for renewable energy regulation. India is well ahead of the most emerging economies and on par with several advanced economies with regard to innovation, the report said. But, these positive metrics contrast with major shortcomings in some of the basic enablers of competitiveness. Limited ICT (information, communications and technology) adoption, poor health conditions and low healthy life expectancy were among the metrics pushing down India’s competitiveness score, it added. The forum said healthy life expectancy in India was one of the shortest outside Africa and significantly below the South Asian average. New Delhi was ranked 109 out of 141 countries surveyed. Meanwhile, Singapore overtook the US and became the world's most economically competitive country.
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