The global competitiveness Index witnessed India slide by 10 places to be ranked 68th in the world. The downslide is attributed to marked improvement registered by economies of other countries. At the top spot, US has been replaced by Singapore as a top competitive economy globally.
The Geneva-based World Economic Forum (WEF) which compiles the ranking data indicated that India is slotted along with the worst-performing BRICS nation, namely Brazil. Brazil was ranked at 71st this year.
WEF pointed out that while India has slipped in the competitiveness index, it continues to rank high on economic stability and market size. India’s ranking in terms of corporate governance stands at 15th spot and the country ranks second when it comes to shareholder governance. India ranks third in market size, the WEF study indicated.
Announcing its latest index, the WEF said on Wednesday India ranks high in terms of macroeconomic stability and market size, while its financial sector is relatively deep and stable despite the high delinquency rate, which contributes to weakening the soundness of its banking system.