India is still at the top table among global economies, according to the World Economic Forum’s Global Competitiveness Index (GCI) 2017-18. India ranks 40th among 137 countries this year and although it is one position lower than last year, experts say there are encouraging signs about the country’s economic progress.
GCI measures the factors that are crucial to future productivity and prosperity of countries. The report highlights how 10 years after the 2008 global crisis the financial sector is still vulnerable and unprepared for the next wave of innovation and automation.
GCI scores are calculated on the basis of 12 categories called ‘pillars of competitiveness’, which include parameters like institutions, infrastructure, health and primary education, labour market efficiency, financial market development, technological readiness and market size.
Switzerland, United States, and Singapore continue to be the world’s top three competitive economies, while China (27th) and Russia (38th) outshine India among the BRICS group of large emerging markets.