India climbed 16 positions this year to occupy the 39th spot in the global competitiveness index. According to the GCI Report 2016-17, released by the World Economic Forum, India showed the biggest improvement in rankings in the past two years as its competitiveness improved on several fronts including efficiency in goods market, business sophistication, and innovation.
“Thanks 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. 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.” said the report.
“The efficiency of the domestic market is hindered by fiscal regulations that allow federal states to levy different levels of value-added taxes; large publicly owned enterprises further reduce the overall efficiency of the economy. Finally, lack of infrastructure and ICT use remain bottlenecks,” the report said.
“The labour market is segmented between workers protected by rigid regulations and centralised wage determination, especially in the manufacturing sector, and millions of unprotected and informal workers. Lack of infrastructure and ICT use (where India is ranked 120th in the world) remain bottlenecks,” the report said.
“The country’s biggest relative weakness today is in technological readiness, where initiatives such as Digital India could lead to significant improvements,” the report said.
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