New Delhi/Geneva: Due to negative effect of slowdown, India has slipped 10 spots to rank 68th out of 141 surveyed countries in the annual global competitiveness index. A number of similarly-placed economies including Colombia, South Africa and Turkey improved in the past year to take over India.
On the other hand, several other economies in the world climbed up on the list due to improvements in economic and business activities. Singapore replaced the United States as the world’s most competitive economy. Hong Kong came in at 3rd position while Netherlands was ranked 4th and Switzerland at 5th spot.
This year India is among the worst-performing BRICS nations along with Brazil, which has ranked 71st this time. In terms of healthy life expectancy, India has been ranked 109. Last year India was ranked 58th in the annual Global Competitiveness Index compiled by Geneva-based World Economic Forum (WEF).
India’s rank is high in terms of macroeconomic stability and market size, but the banking system has been affected by a high delinquency rate. The WEF study said that information, communication and technology adoption in India has been weak, while poor health conditions and low life expectancy are other reasons why India ranked low in terms of competitiveness. The skills rank for India was also disappointing at 107 despite it’s flagship Skill India programme running aggressively for several years.