India improves in Global Competitiveness Index

[khakhi_chaddi]

India improves in Global Competitiveness Index
India fastest riser, moves up 16 spots to 39th rank in the World Economic Forum’s Global Competitiveness Index

India’s ranking in the Global Competitiveness Index for 2016-17, released by the World Economic Forum (WEF), improved 16 places to 39, making it the fastest riser up the ranks among 138 countries surveyed.

India’s competitiveness improved across the board, particularly in goods market efficiency (60), business sophistication (35) and innovation (29). WEF said recent reform efforts by the government have concentrated on improving public institutions (up 16 places), opening the economy to foreign investors and international trade (up 4), and increasing transparency in the financial system (up 15).

India still needs to cover a lot of ground, the WEF said, citing labour market deficiencies, large, public enterprises that reduce economic efficiency, especially in the utilities sector and the financial market. Lack of infrastructure remains a critical bottleneck, the report said.

 

[Skull and Bones]

Infrastructure development is in full boom, that should happen quite fast from this point forward.

 

[Trying to be honest]

Perhaps the single most important news which matters for India's future. Hopefully more focus is given on this development.

 

[Articulate]

Infrastructure development is in full boom, that should happen quite fast from this point forward.

1. It takes a decade for infrastructure building efforts to show tangible results. It has a massive lag period particularly in a big country like India.

2. Many laws that would enhance competitiveness are yet to come - like Labour Law reforms, Industrial Law reforms.

After GST, this is probably the last legislative barrier in dismantling the old and outdated economic structure of India. It would be a fight, but if GoI can manage it, we would be growing in double digits for atleast a decade.