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

Courtesy: Mikes Photos from Pexels

Apparel/Garments | On 17th Oct 2018

Bangladesh garment exports swell 14.66% in Q1 FY19

Readymade garment exports from Bangladesh increased by 14.66 per cent ...

Courtesy: WTO

Textiles | On 17th Oct 2018

WTO rejects Panama claim for $210-mn sanctions on Columbia

A World Trade Organisation (WTO) panel recently rejected Panama’s...

India ranks 147th in Oxfam world inequality index

Textiles | On 17th Oct 2018

India ranks 147th in Oxfam world inequality index

India has been ranked 147th among 157 countries in a new worldwide...

Interviews View All

Ajay Ghariwala, Luthra Group

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Varinder Singh Jawanda, Trendy Bharat

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Riddhika Shah, SS Homme

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Kamal Kulshreshth,

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Siddhachakra Weaving (Badiya Fashion),

Siddhachakra Weaving (Badiya Fashion)

Ahmedabad-based Siddhachakra Weaving Pvt Ltd was established in 2011 under ...

Riddhi Jain,

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Justin Chan & Shyam Gollakota, University of Washington

Justin Chan & Shyam Gollakota
University of Washington

A fabric that can store data without any electronics or batteries has been ...

Razvan Popescu, Directa Plus SpA

Razvan Popescu
Directa Plus SpA

Directa Plus is one of the largest producers and suppliers worldwide of...

Iago Castro Asensio, RCfil Distribuciones S.L.

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Hemant & Nandita, Hemant & Nandita

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant & Nandita are known for being inspired by...

Nisha Chanda, Whistling Woods International School of Fashion

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

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

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

Leave your Comments


October 2018

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

news category


Related Categories:

Advanced Search