Jan '18
Though India’s rank is much below China’s 5th position, it is above other BRICS nations, according to a news agency report. Russia holds 35th rank, Brazil 41st and South Africa 45th.
The report categorised 100 countries into four groups: leading, high potential, legacy and nascent. While China figures among ‘leading countries’ and Brazil and South Africa are ‘nascent’ ones, India is placed in the ‘legacy’ group along with Hungary, Mexico, Philippines, Russia, Thailand and Turkey.
The 25 ‘leading’ countries are in the best position to gain as production systems stand on the brink of exponential change, the WEF said in the report published ahead of its annual meeting in Davos, Switzerland later this month.
In India, the 5th-largest manufacturer with a total manufacturing value added of over $420 billion in 2016, the manufacturing sector has grown by over 7 per cent per year on average in the past three decades and accounts for 16-20 per cent of India’s gross domestic product (GDP), according to the report.
The report listed human capital and sustainable resources as the two key challenges for India and said the country needs to continue to raise the capabilities of its relatively young and fast-growing labour force. India should continue to diversify its energy sources and reduce emissions as its manufacturing sector continues to expand, it said.
In scale of production, India ranked 9th, for complexity it is at 48th place, and for market size, it is ranked 3rd. Areas where the country is ranked poorly include female participation in labour force, trade tariffs, regulatory efficiency and sustainable resources.
Countries ranked below India include Turkey, Canada, Indonesia, New Zealand, Australia, Hong Kong, Mauritius and the United Arab Emirates. The countries ranked better include Singapore, Thailand, the United Kingdom, Italy, France, Malaysia, Mexico, Romania, Israel, the Netherlands, Denmark, the Philippines and Spain.
The United States topped the list of countries best positioned to capitalise on the fourth industrial revolution to transform production systems, followed by Singapore, Switzerland, the United Kingdom and the Netherlands. India has been ranked 44th on this list, while China is at 25th place and Russia at 43rd.
The report has been developed in collaboration with A T Kearney and calls for new and innovative approaches to public-private collaboration are needed to accelerate transformation. (DS)
Fibre2Fashion News Desk – India
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