A global study has ranked India on 43rd position in the index of most competitive economy in the world, said a report taken from Economic Times.
Due to its strong economic growth, large labour force and huge market capacity, India has moved up one place (43rd) in the list of most competitive economy in the world. While, Singapore has surpassed the US to the top ranking.
India’s ranking has improved by one place in past one year to 43rd, driven by a strong rate of growth in real GDP, improvements in business legislation and an increase in public expenditure on education.
Ironically, India was ranked 45th in 2017, but higher in 2016 at 41st spot.
Remarkably, merely in a year, Singapore has moved from its previous position (3rd) to the top position (1st) which was occupied by the US. At present, the US has slipped to the third place in the 2019 edition of the IMD World Competitiveness rankings.
The rankings given by the IMD are measures according to a wide range of statistics. The criteria involves unemployment, GDP growth, and government spending on health and education. Also, the data from an executive opinion survey covering topic such as social cohesion, globalisation and corruption plays key judging points in the positions.
The IMD World Competitiveness Rankings, established in 1989, incorporate 235 indicators from each of the 63 ranked economies to evaluate their ability to foster an environment where enterprises can achieve sustainable growth, generate jobs and increase welfare for its citizens.
On the other hand, Hong Kong SAR has held onto its second place, helped by a benign tax and business policy environment and access to business finance.