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

India Jumps 16 Places in Global Competitiveness Index

On the back of improved monetary policy and recent reforms towards opening up the economy, India has jumped 16 places in the Global Competitiveness Index (GCI) to 39th spot: World Economic Forum

Press Trust Of India

Updated:September 28, 2016, 7:08 PM IST
facebookTwittergoogleskypewhatsapp
India Jumps 16 Places in Global Competitiveness Index
People leave the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland January 23, 2016. REUTERS/Ruben Sprich

New Delhi: On the back of improved monetary policy and recent reforms towards opening up the economy, India has jumped 16 places in the Global Competitiveness Index (GCI) to 39th spot, the World Economic Forum (WEF) has said.

"India climbs, for the second year in a row, to 39th. Its 16-place improvement is the largest this year, thanks to improved monetary and fiscal policies as well as lower oil prices," the WEF said in its Global Competitiveness Report 2016-17 published on Wednesday.

The Indian economy has stabilised and now boasts of the highest growth among the G-20 countries, the report underlined.

"Recent reform efforts have concentrated on improving public institutions, opening the economy to foreign investors and international trade, and increasing transparency in the financial system," it stated.

The report also highlighted that India happens to be the second-most competitive economy among the BRICS (Brazil, Russia, India, China and South Africa) countries, with China ahead at 28th spot.

Switzerland, Singapore and the United States remained the world's most competitive economies in the report that assesses the competitiveness landscape of 138 economies, providing insight into the drivers of their productivity and prosperity.

The report emphasised that updated business practices and investment in innovation are now as important as infrastructure, skills and efficient markets.

Crediting Prime Minister Narendra Modi's government for undertaking reforms, the report said, "India's competitiveness score stagnated between 2007 and 2014, and the economy slipped down the GCI rankings. Since the new government took office in 2014, India climbed up the rankings to 39th in this edition of the report."

Improvement in infrastructure was small and faltering, but picked up after 2014, when the government increased public investment and sped up approval procedures to attract private resources, it said.

"The institutional environment deteriorated until 2014, as mounting governance scandals and seemingly unmanageable inefficiencies saw businesses lose trust in government and public administration, but this trend was also reversed after 2014," it added.

But still a lot needs to be done in the manufacturing sector, which has millions of unprotected and informal workers, the report stated.

Read full article
Next Story
facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Infosys 898.30 -11.25 -1.24
Divis Labs 970.25 -20.65 -2.08
ICICI Bank 277.10 -7.85 -2.75
Rel Capital 661.25 -56.65 -7.89
Dr Reddys Labs 2,457.75 -28.80 -1.16
Company Price Change %Gain
Bajaj Finance 1,860.30 -56.35 -2.94
Bombay Dyeing 203.15 -9.70 -4.56
ITI 139.50 +17.30 +14.16
Divis Labs 969.00 -21.90 -2.21
Amara Raja Batt 771.45 -1.70 -0.22
Top Gainers
Company Price Change %Gain
HCL Tech 884.45 +14.15 +1.63
Wipro 294.45 +2.55 +0.87
Bharti Infratel 390.00 +2.35 +0.61
Company Price Change %Gain
Wipro 294.05 +2.90 +1.00
Coal India 253.90 +0.30 +0.12
Top Losers
Company Price Change %Gain
Hindalco 230.90 -13.65 -5.58
Tata Steel 654.00 -33.10 -4.82
Vedanta 307.90 -14.65 -4.54
YES BANK 360.65 -16.40 -4.35
UltraTechCement 3,999.60 -166.45 -4.00
Company Price Change %Gain
Tata Steel 654.55 -32.30 -4.70
Larsen 1,184.90 -42.85 -3.49
Reliance 817.50 -23.80 -2.83
ICICI Bank 277.10 -7.90 -2.77
Hero Motocorp 3,788.15 -100.70 -2.59

Live TV