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India slashed at Global Competitive Index

New Delhi, Thu, 01 Nov 2007 NI Wire

Newstrack India

Nov 01: India has slashed six points to 48 in the Global Competitive Index (GCI), which has earlier placed India at 42. The GCI in its report said that India and China continue to lead from the other developing nations.

India is placed 48 in the list of 131 economies covered under the GCI and China is placed at 34 and is the top ranked among BRIC ( Brazil, Russia, India and China) countries. Russia (58) and Brazil (72) are behind India in GCI.

A major shift has occurred in the slots among the top ranking countries. Switzerland has come one notch downward from its earlier ranking and is next to USA which has topped overall ranking. Switzerland is followed by Denmark, Sweden and Germany.

The neighbouring countries of India , Nepal’s GCI slips to 114 from 105, Pakistan is ranked at 92 which was at 83 in the last ranking and Sri Lanka became the only country to score ahead of earlier rank from 81 to 70.

In African continent only South Africa and Mauritius is ranked at top half of the ranking.

World Economic Forum head of strategic insight teams Fiona Paua said, “The quality of the business environment in India has improved tangibly in recent years, with increased efficiency of goods, labour and financial markets and greater innovation and sophistication of firm operations. However, a number of weaknesses persist that need to be addressed especially in the area of infrastructure quality”.

“Moreover, dealing with shortcomings in the provision of health services and education will ensure that the benefits of economic growth are more broadly distributed,” Fiona added.

The ranking are calculated from both publically available data and the Executive Opinion Survey, a study conducted by World Economic Forum with its network of partner institutes in the countries covered by the report. With a record 11000 poll from these countries, this index is designed to capture a broad range of factors affecting an economy’s business climate. The report also included the listing of main strengths and weaknesses of countries which makes it possible to identify key priorities for policy reforms.

GCI was developed for the World Economic Forum by Columbia University Professor Xavier Sala-i-Martin and originally introduced in 2004. The GCI is based on 12 pillars of competitiveness and includes Institutions, Infrastructure, Macroeconomic Stability, Health and Primary Education, Higher Education and Training, Goods Market Efficiency, Labor Market Efficiency, Financial Market Sophistication, Technological Readiness, Market Size, Business Sophistication and Innovation.

The World Economic Forum continues to expand geographic coverage in the Report. Featuring a total of 131 countries, this year’s Report is the most comprehensive of its type since its inception.


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