India’s ranking in the Global Competitiveness Index for 2016-17, released by the World Economic Forum (WEF), improved 16 places to 39, making it the fastest riser up the ranks among 138 countries surveyed.
India’s competitiveness improved across the board, particularly in goods market efficiency (60), business sophistication (35) and innovation (29). WEF said recent reform efforts by the government have concentrated on improving public institutions (up 16 places), opening the economy to foreign investors and international trade (up 4), and increasing transparency in the financial system (up 15).
India still needs to cover a lot of ground, the WEF said, citing labour market deficiencies, large, public enterprises that reduce economic efficiency, especially in the utilities sector and the financial market. Lack of infrastructure remains a critical bottleneck, the report said.