India moves up 16 spots to 39th rank in World Economic Forum's Global Competitiveness Index

India has jumped 16 places in Global Competitiveness Index, GCI 2016-17 released by the World Economic Forum. For the second year in a row, India climbed 16 positions to occupy the 39th spot out of 138 countries which were reviewed. Switzerland, Singapore and the US remain as the world's most competitive economies.

China ranks 28 in the index. Among the other BRICS nations, Russia is ranked 43rd, South Africa is at 47 and Brazil at 81. In the report, India showed biggest improvement in rankings as its competitiveness improved on several fronts including efficiency in goods market, business



sophistication and innovation. The report said, due to improved monetary and fiscal policies, as well as lower oil prices, the Indian economy has stabilised and now boasts the highest growth among G20 countries. 

It said, recent reform efforts have concentrated on improving public institutions, opening the economy to foreign investors and international trade and increasing transparency in the financial system. The report also said that India still needs to cover a lot of ground in the areas like labour, financial market, tax regulations, manufacturing, infrastructure and technological readiness.