India Ranks 43rd in World Competitiveness Index 2020
- India has been ranked at 43rd position among 63 nations Globally, in the annual World Competitiveness Index for the year 2020 Published by Institute for Management Development (IMD).
- India was not changed any position in this year. Last year also India was at 43rd position.
- Singapore has retained the top position this year also.
- Denmark, Switzerland, the Netherlands and Hong Kong are the top five nations.
- Among the BRICS (Brazil, Russia, India, China and South Africa) nations, India is ranked second after China, followed by Russia (50th), Brazil (56th) and South Africa (59th).
Areas where India Improved
- India has recorded improvements in areas like-
- Long-term employment growth,
- Current account balance,
- High-tech exports,
- Foreign currency reserves,
- Public expenditure on education,
- Political stability and overall productivity.
Areas where India is lacking
- India has moved down in areas like-
- Exchange rate stability,
- Real GDP growth,Competition legislation.
- Head of Competitiveness Center at IMD Business School, said,
- India continues to struggle on the list and the recent country rating downgrade by Moody’s reflects the uncertainties regarding the economy’s future.“We again emphasize the traditional weaknesses of India poor infrastructure, an important deficit in education investment, and a health system that does not reach everybody.
- For India to follow the path of China, it must stress its intangible infrastrure.
World Competitiveness Index 2020