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India shows fastest improvement in global competitiveness index, ranks 39th
Sep-28-2016

As per latest edition of the Global Competitiveness Report released by World Economic Forum (WEF), India's competitiveness improved the fastest in 2015-16, as the country climbed 16 places to the 39th rank among 138 countries in the index. The report also said that India has become the second-most competitive among BRICS nations after China and will grow faster than China this year.  

India’s competitiveness showed an across the board and the fastest improvement in 2015-16, particularly on efficiency in goods market, business sophistication and innovation. Report said that due to improved monetary and fiscal policies, as well as lower oil prices, the Indian economy has stabilised and now boasts the highest growth among G20 countries. However, it also cautioned that India still needs to cover a lot of ground in the areas like labour, financial market, tax regulations, manufacturing, infrastructure and technological readiness.

The report cited a decline in openness as a major threat to the global competitiveness, while India’s improved performance was attributed to an increase in its openness. China, on 28, remains top among the BRICS grouping, while Russia and South Africa moved up two places to 43 and 47, respectively, only Brazil declined, falling six places to 81in the grouping.

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