Home / Knowledge / News / Textiles / India sees largest gain on WEF's Competitiveness Index
India sees largest gain on WEF's Competitiveness Index
28
Sep '16
India has shown the largest gain made by any country on the World Economic Forum's (WEF) Global Competitiveness Index 2016-17. It has jumped 16 places for the second year in a row to the 39th rank among 138 countries. It was ranked 55th in 2015-16. Thus, it has narrowed the gap with China (rank 28), and is now ahead of other three BRICS countries.

Switzerland continues to the most competitive country, followed by Singapore, the US, the Netherlands and Germany. Among BRICS nations, Russia is ranked 43rd, South Africa is at 47, whereas Brazil is at 81.

The Index is the most comprehensive assessment of national competitiveness worldwide. It assesses the competitiveness landscape of all economies, providing insight into the drivers of their productivity and prosperity. It measures countries' performance on three indicators — basic requirements, efficiency enhancers, and innovation and sophistication factor. Performance on these in turn is measured through sub-indicators.

“Thanks 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. Recent reform efforts have concentrated on improving public institutions (up 16), opening the economy to foreign investors and international trade (up four), and increasing transparency in the financial system (up 15),” said the report.

On basic requirements, India's rank jumped from 80th in 2015-16 to 63rd this year, with improvements in indicators such as institutions, infrastructure and macroeconomic environment.

However, “Lack of infrastructure (68th) and ICT use (120th) remain bottlenecks. Improvement has been slow in recent years and further investment will be necessary, especially to connect rural areas and make sure they can equally benefit from and contribute to the country's development,” the report adds.

The report shows that India has made rapid progress on prevalence of foreign ownership (from 96th in 2015-16 to 72nd in 2016-17) and on business impact of rules on foreign direct investment (from 92nd last year to 71st this year).

In recent times, India's ranking has improved on the World Bank's Ease of Doing Business index, and the World Bank's logistics index. This, in part, has to do with a string of reform measures taken by the present government, including liberalisation of the foreign direct investment regime and the passage of the Constitution amendment bill for the Goods and Services Tax (GST). (RKS)

Fibre2Fashion News Desk – India

Must ReadView All

Textiles | On 27th Apr 2017

Maharashtra govt working on second textiles policy

The textiles department of the government of Maharashtra is working...

Apparel/Garments | On 27th Apr 2017

EC takes action to make garment sector more sustainable

The European Commission (EC) has presented a set of focused actions...

Textiles | On 27th Apr 2017

Seven new organisations join ZDHC Programme

The Zero Discharge of Hazardous Chemicals (ZDHC) Programme from...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X