World Economic Forum in its Global Competitiveness Index for 2018 has placed India at 58th position in a list of 140 countries. The USA topped the list, followed by Singapore and Germany at the second and the third positions respectively. India’s rank rose by five places from 2017, the largest gain among G20 economies, the WEF report said. India was ranked 58th with a score of 62.0 in the latest Global Competitiveness Report. This is the largest gain among all G20 economies.
China is the most competitive, ranking 28th and with a score of 72.6. Russian Federation is ranked 43rd. Other countries, which have found the place in the top 10 include Switzerland (4th), Japan (5th), Netherlands (6th), Hong Kong (7th), United Kingdom (8th), Sweden (9th) and Denmark (10th).
The report observes India’s greatest competitive advantages are in terms of its market size, innovation (in particular the quality of its research establishments and business dynamism (including the number of disruptive businesses). The Forum called upon the country to make improvements in a few areas, which include labour market (in particular workers rights), product market (in particular trade tariffs) and skills (in particular pupil-teacher ratio).