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Source: The post is based on the article “India slips to 40th spot in world competitiveness ranking” published in India Today on 29th June 2023
What is the News?
The International Institute for Management Development (IMD) has released the World Competitiveness Ranking 2023.
What is the World Competitiveness Ranking?
The World Competitiveness Ranking is a comprehensive annual report and worldwide reference point on the competitiveness of countries.
It analyzes and ranks countries according to how they manage their competencies to achieve long-term value creation.
It evaluates countries based on four key factors: economic performance, government efficiency, infrastructure and business efficiency.
What are the key findings of World Competitiveness Ranking?
Top three countries: Denmark, Ireland and Switzerland have been named the top three among 64 economies.
India: India has been ranked 40th.India has slipped three spots from the previous year but has improved from its 43rd rank in 2019-2021.
Observations made on India: India has witnessed improvements in government efficiency but slightly underperformed in business efficiency, infrastructure, and economic performance when compared to other countries.
– The top three contributing factors that positively impacted India’s score are: Exchange rate stability, compensation levels, and advancements in pollution control.
– Challenges for India: Sustaining high GDP growth, managing financial market volatility, controlling inflation and fiscal deficit, accelerating digital transformation and mobilizing resources for infrastructure development.
