India Slips One Rank in Global Competitiveness, Ranked 40th in 137 Economies

India has been ranked 40th out of a total of 137 economies, down from 39th position in the 2016-17 Global Competitiveness Index report.

Written by: India.com News Desk Edited by: Chanchal Chauhan

Updated: September 27, 2017, 10:13 AM IST

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New Delhi, Sep 27: India has come down to one notch in the World Economic Forum’s annual Global Competitiveness Index report 2017-18. India has been ranked 40th out of a total of 137 economies, down from 39th position in the 2016-17 Global Competitiveness Index report. However, WEF said although the ranking is one lower than last year’s, the “two rankings are not comparable because of a change in the methodology”. Pakistan, on the other hand, shot up to seven ranks. It was ranked 122 in the 2016-17 and has now been ranked 115 out of a total of 137 economies.

Last year, India had jumped 16 positions from the 55th rank and now, has come down one rank. However, India remains the most competitive country in South Asia and the World Economic Forum said that according to the current methodology, India’s score, this year, is the highest ever.

Issued on Tuesday, Global Competitiveness Index ranked a total of 137 economies on the basis of 12 categories called ‘pillars of competitiveness’. The parametres for determining competitiveness include institutions, infrastructure, health and primary education, labour market efficiency, financial market development, and technological readiness, among others.

At 40th position, India’s scores have improved in most pillars of competitiveness, particularly in infrastructure (up by two), higher education and training (up by six), and technological readiness (up by three). In Institutions, India has scored 39th out of 137 economies, 66th in infrastructure, 91st in health and primary education, and 75th in higher education and training. India has ranked 3rd in market size.

Switzerland has ranked the most competitive economy in the world, which is followed by the United States of America. Switzerland has retained the top spot for at least the past six years. Last year, the 2016-17 report ranked Singapore at the second spot and the United States at the third.

About India, the Global Economic Index said, “Among the emerging markets seen as having great potential in the early 2000s, Brazil and Turkey have now lost much of the ground they gained before 2013, but China, India, and Indonesia continue to improve.” It, however, also said that loans, in India, have more than doubled in the past two years.

The report warned about risks from uncertain global economic conditions due to “a widespread failure on the part of leaders and policymakers to put in place reforms necessary to underpin competitiveness”.