GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
2-min read

India 40th Most Competitive Economy, Says WEF; Corruption Still a Roadblock

In the latest Global Competitiveness Report released on Wednesday, India has slipped from the 39th position to 40th while neighbouring China is ranked at 27th.

PTI

Updated:September 27, 2017, 10:44 AM IST
facebookTwittergoogleskypewhatsapp
India 40th Most Competitive Economy, Says WEF; Corruption Still a Roadblock
In South Asia, India has garnered the highest ranking, followed by Bhutan (85th rank), Sri Lanka (85), Nepal (88), Bangladesh (99) and Pakistan (115). (Representative image/Reuters)
New Delhi: India has been ranked as the 40th most competitive economy — slipping one place from last year's ranking — on the World Economic Forum's global competitiveness index, which is topped by Switzerland.

On the list of 137 economies, Switzerland is followed by the US and Singapore in second and third places, respectively.

In the latest Global Competitiveness Report released on Wednesday, India has slipped from the 39th position to 40th while neighbouring China is ranked at 27th.

"India stabilises this year after its big leap forward of the previous two years," the report said, adding that the score has improved across most pillars of competitiveness.

These include infrastructure (66th rank), higher education and training (75) and technological readiness (107), reflecting recent public investments in these areas, it added.

According to the report, India's performance also improved in ICT (information and communications technologies) indicators, particularly Internet bandwidth per user, mobile phone and broadband subscriptions, and Internet access in schools.

However, the WEF said the private sector still considers corruption to be the most problematic factor for doing business in India.

"A big concern for India is the disconnect between its innovative strength (29) and its technological readiness (up 3 to 107): as long as this gap remains large, India will not be able to fully leverage its technological strengths across the wider economy," it noted.

Among the BRICS, China and Russia (38) are placed above India.

South Africa and Brazil are placed at 61st and 80th spots, respectively.

In South Asia, India has garnered the highest ranking, followed by Bhutan (85th rank), Sri Lanka (85), Nepal (88), Bangladesh (99) and Pakistan (115).

"Improving ICT infrastructure and use remain among the biggest challenges for the region: in the past decade, technological readiness stagnated the most in South Asia," WEF said.

Other countries in the top 10 are the Netherlands (4th rank), Germany (5), Hong Kong SAR (6), Sweden (7), United Kingdom (8), Japan (9) and Finland (10).

The Global Competitiveness Index (GCI) is prepared on the basis of country-level data covering 12 categories or pillars of competitiveness.

Institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication and innovation are the 12 pillars.

According to WEF's Executive Opinion Survey 2017, corruption is the most problematic factor for doing business in India.

The second biggest bottleneck is 'access to financing', followed by 'tax rates', 'inadequate supply of infrastructure', 'poor work ethics in national labour force' and 'inadequately educated work force', among others.

The survey findings are mentioned in the report.

"Countries preparing for the Fourth Industrial Revolution and simultaneously strengthening their political, economic and social systems will be the winners in the competitive race of the future," WEF founder and Executive Chairman Klaus Schwab said.
Read full article
Next Story
facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Reliance 915.60 -0.55 -0.06
HDFC 1,710.80 +0.85 +0.05
SBI 318.45 +0.05 +0.02
Infosys 1,010.50 +5.20 +0.52
Maruti Suzuki 9,131.35 -2.45 -0.03
Company Price Change %Gain
Bajaj Finance 1,698.65 -8.50 -0.50
Petronet LNG 251.15 +0.95 +0.38
Fortis Health 128.10 -10.80 -7.78
Bharat Fin 993.05 -10.00 -1.00
Tata Motors 405.70 -4.50 -1.10
Top Gainers
Company Price Change %Gain
Dr Reddys Labs 2,256.35 +63.45 +2.89
Adani Ports 402.50 +10.75 +2.74
ONGC 183.30 +4.40 +2.46
GAIL 491.90 +10.70 +2.22
Lupin 846.80 +7.65 +0.91
Company Price Change %Gain
Dr Reddys Labs 2,255.60 +62.10 +2.83
Adani Ports 401.60 +9.65 +2.46
ONGC 182.95 +4.05 +2.26
Lupin 845.00 +7.30 +0.87
Infosys 1,011.10 +7.60 +0.76
Top Losers
Company Price Change %Gain
HPCL 414.95 -17.60 -4.07
Bharti Infratel 355.40 -12.65 -3.44
Tata Power 90.55 -3.00 -3.21
BPCL 498.95 -15.25 -2.97
Coal India 263.40 -6.45 -2.39
Company Price Change %Gain
Coal India 263.25 -6.60 -2.45
Cipla 590.75 -13.10 -2.17
Hero Motocorp 3,444.95 -69.60 -1.98
Bharti Airtel 524.75 -7.75 -1.46
TCS 2,614.15 -41.85 -1.58

Live TV

File is:/article-scroll-new.php