India's ranking among 148 economies in the Global Competitiveness Index fell for the third consecutive year Asit Ranjan Mishra
First Published: Wed, Sep 04 2013. 07 37 AM IST
Description: The WEF pointed out that the most problematic factors in doing business in India are inadequate supply of infrastructure, inefficient government bureaucracy and corruption. Photo: Bloomberg The WEF pointed out that the most problematic factors in doing business in India are inadequate supply of infrastructure, inefficient government bureaucracy and corruption. Photo: Bloomberg
New Delhi: India's ranking among 148 economies in the Global Competitiveness Index (GCI) fell for the third consecutive year to 60 in 2013-14 from 59 a year ago and 56 in 2011-12.
The World Economic Forum (WEF) which releases the ranking pointed out that the most problematic factors in doing business in India are inadequate supply of infrastructure, inefficient government bureaucracy and corruption while the least problematic areas are inadequately educated workforce, crime and theft, and poor public health.
Some of the sub-indices in which India's rank is the worst are: women in labour force (137 rank), inflation (130), total tax rate (128) and trade tariffs (128). India received its best ranking in local supplier quantity (2), domestic market size (3), GDP in purchasing power parity terms (3) and foreign market size (4).
Without naming India, WEF said some of the world's largest emerging market economies must engage business, government and civil society to implement long-overdue reforms.
Switzerland continued to top the ranking followed by Singapore. Of the other five BRICS economies, China (29) continues to lead the group, followed by South Africa (53), Brazil (56) and Russia (64). Among the BRICS, only Russia improved its ranking, climbing three places, while Brazil dropped eight places.
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