Thursday, October 6, 2022

India among worst performing BRICS nations on Global Competitiveness Index

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New Delhi: India ranks 68th in the recently published annual global competitiveness index. The index that is prepared by Geneva-based World Economic Forum (WEF) had ranked India 58th in 2018-19. In all BRICS nations, only Brazil is below India, with 71st rank. The survey has been performed in 141 countries. It is clearly an indication of the Indian economy that is in bad shape. The Global Competitiveness Index (GCI) was launched in 1979. It has been mapping the business competitiveness of 141 countries through a total of 103 indicators organised into 12 pillars since 2004.

Klaus Schwab, founder and executive chairman of WEF has said, “The Global Competitiveness Index 4.0 provides a compass for thriving in the new economy where innovation becomes the key factor of competitiveness.

“The report shows that those countries which integrate into their economic policies an emphasis on infrastructure, skills, research and development and support those left behind are more successful compared to those that focus only on traditional factors of growth.”

This year Singapore has replaced the United States to become the world’s most competitive economy. Hong Kong SAR has replaced Germany at 3rd position while the Netherlands which was ranked 6th last year has replaced Switzerland at 4th spot. Switzerland has slipped one rank to 5th.
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While announcing the 2019-20 Global Competitiveness Report, the WEF said that India’s rank is high in terms of macroeconomic stability and market size but added that the banking system has been affected by a high delinquency rate. India’s rank was as high as 15th in terms of corporate governance and ranks second in the world for shareholder governance, according to the Global Competitiveness Report. India also ranked third in terms of market size and renewable energy regulation.

While the report did list a few positives, it said that there are major shortcomings in some of the basic enablers of competitiveness in India. It said Information, communication and technology adoption in India has been weak; poor health conditions and low life expectancy are other reasons why India ranked low in terms of competitiveness.

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