New Delhi. India slipped ten points to 68th in the annual Global Competitiveness Index, mainly due to improvement in many other economies, while Singapore replaced the US as the world’s most competitive economy.
India was ranked 58th in the annual Global Competitiveness Index compiled by the Geneva-based World Economic Forum (WEF), with Brazil one of the worst-performing BRICS countries (ranked 71st compared to India this year). While announcing its latest index, WEF said on Wednesday that India ranks high in terms of macroeconomic stability and market size, while its financial sector is relatively deep and stable despite high delinquency rates, which make the sound of its banking system Contributes to weakening.
The WEF showed that India is also ranked 15th in terms of corporate governance, while it ranks second globally. In terms of market size, India ranks third, while it has got the same rank for renewable energy regulation. Apart from this, the report states that India also rises above its state of development, which is comparable to the new emerging economies and many advanced economies.
While flagging the adoption of limited ICT (information, communication and technology), poor health conditions and less healthy life expectancy, the WEF said that these positive matrices contrast with some of the major drawbacks of some of the original promoters of competition in the case of India. The WEF said that healthy life expectancy, where India is ranked 109th out of a total of 141 countries surveyed for the index, is the smallest outside Africa and far below the South Asian average.