India Moved Up in World’s Most Competitive Economies Ranking :)

Indian Economy Moves Up

On the strength of its energetic financial markets and a sound banking sector, India moved up one mark to the 49th spot in the World Economic Forum’s annual ranking of the world’s most competitive economies.


However, according to ‘‘The Global Competitiveness Report 2009-10’‘, Switzerland took the top slot to topple the U.S. to the second position while the next 3 ranks were accounted for by Singapore, Sweden and Denmark to make up the top five among the 133 countries.


However, the BRIC nations like, India, China and Brazil improved upon their position in the competitiveness index while Russia experienced a sharp drop.


On the other hand, while India moved up one slot to 49 from 50 last year, China also upped its rank to 29 from 30 earlier while Brazil also moved up 8 places to 56 in the last ranking.


However, Russia, lost ground and declined to the 63rd position from 51 last year.

Moreover, it is said that India”s cut throat performance continues to showcase a rather upturned development pattern and it precedes many advanced economies in terms of business sophistication and innovation capacity.


Additionally, India also boasts active financial markets and a sound banking sector, supported by well-functioning institutions.


However, taking the various parameters separately, India is ranked 16th in terms of its bustling financial markets, 25th in terms of a sound banking sector and has the 54th position for its well-functioning institutions.


But on the other hand,as well, the country under performs on some of the basic determinants of competitiveness, namely health and primary education (101st), macroeconomic stability (96th)—though improving—and infrastructure (76th), the Global Competitiveness Report said.



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