India was ranked 43rd among 63 economies in recently released 2019 edition of IMD World Competitiveness Rankings. It has moved up by one place form 44th position in 2018 edition. Imporvement in India’s ranking was on account of its robust economic growth in real GDP, large labour force, its huge market size, improvements in business legislation and an increase in public expenditure on education. India was ranked 45th in 2017 and 41st in 2016.
2019 IMD World Competitiveness Rankings
- Top 10 countries: Singapore (1st), Hong Kong SAR (2nd), US (3rd), Switzerland (4th), United Arab Emirates (5th), Netherlands (6th), Ireland (7th), Denmark (8th), Sweden (9th) and Qatar (10th).
- Bottom 5: Venezuela (63rd), Mongolia (62nd), Argentina (61st), Croatia (60th), Brazil (59th).
- Asia-Pacific region: It has emerged as a global beacon with 11 out of 14 economies either improving or holding their ground.
- Challenges before India: Maintaining high growth with employment generation, digital literacy and internet bandwidth in rural areas, managing fiscal discipline, issues related to implementation of Goods and Services Tax (GST) and resource mobilisation for infrastructure development.
About IMD World Competitiveness Rankings
- It established in 1989. It defines competitiveness as extent to which country is able to foster environment in which enterprises can generate sustainable value.
- It ranks 63 countries/economies based 235 indicators that evaluates their ability to foster environment where enterprises can achieve sustainable growth, generate jobs and increase welfare for its citizens.
- It takes into account wide range of statistics such as unemployment, GDP and government spending on health and education, as well as data from an executive opinion survey covering topics such as social cohesion, globalisation and corruption.