India claims the second spot as the most competitive BRICS economy and will grow faster than China, as stated by the latest edition of Global Competitive Index of World Economic Forum.
According to the report, India’s performance has improved fastest in 2015-16, jumping 16 spots and now ranks 39th among 138 countries.
“India’s competitiveness has improved across the board, in particular in goods market efficiency, business sophistication, and innovation. Thanks to improved monetary and fiscal policies, as well as lower oil prices, the Indian economy has stabilized and now boasts the highest growth among G20 countries,” Global Competitiveness Report 2016 noted.
Few analysts at forum called India as the fastest growing economy in South Asia and a platform of growth which focuses on improving public institutions, opening the economy to foreign investors and international trade, and increasing transparency in the financial system aiding its performance.
India’s performance has improved largely due to it openness, declination of which has resulted as a major threat of other global competitors.