World Competitiveness Index 2022
Institute for Management Development recently compiled and released the annual World Competitive Index on June 15, 2022. India witnessed sharpest rise among Asian countries.
Rank of countries
- India’s witnessed a six-position rise from 43rd to 37th rank, due to gains in economic performance.
- Denmark has been ranked at top position, among top 63-nation list. It was ranked at third position in 2021.
- Switzerland dropped from the top position to second position.
- It is followed by Singapore at third position, which was ranked at fifth, position.
Other countries in top 10
Others countries in top 10 include:
- Sweden at fourth position,
- Hong Kong SAR at fifth position
- Netherlands at sixth position
- Taiwan at seventh position
- Finland at eighth position
- Norway at ninth position and
- USA at 10th.
Indian economy witnessed significant improvement in competitiveness, after stable and stagnant five years because of gains in economic performance. It experienced a rise from 30th to 9th position in one year. The labour market in India has moved from 15th to 6th position. Labour market is a key sub-factor in business efficiency parameter and business attitudes. India have restored the trust of business community. India’s re-regulation of sectors like drones, geo-spatial mapping, and space also played a role in its stellar performance in the index. India is also a driving force in global movement to fight climate change. Furthermore, India’s pledge of net-zero by 2070 is in sync with its strength in environment-related technologies in 2022 ranking.
Challenges faced by India
India faces challenges like management of energy security, trade disruptions and maintaining high GDP growth after covid-19, employment generation, skill development, resource mobilisation and asset monetisation.
Attractive factors in India’s economy
Top five attractive factors for business in Indian economy include- skilled workforce, dynamism of economy, cost competitiveness, positive attitudes, and high educational level.
Month: Current Affairs - June, 2022
Category: Reports & Indexes Current Affairs