Due to the outperformance of other emerging economies, India fell 10 places in global competition. India has been ranked 68th this year in Global Competitiveness Index released by the World Economic Forum (WEF), while Singapore has grabbed the first place from the US and has become the world's most competitive economy.
In a report on 141 nations on Wednesday, the WEF said that India's performance among the BRICS countries was the worst after Brazil. Countries like Colombia, South Africa, and Turkey, which were equivalent to India last year, performed much better this year, which led to the loss of India's ranking.
During this period, India remained sluggish in adopting information, communication, and technology, and the poor health and medical conditions and the reduced rate of healthy living prospects have significantly affected the performance of India. India ranked 109 in terms of the possibility of a healthy life. It is one of the worst-performing countries outside of Africa.
The panel said that gender inequality in India is very high, and the ratio of women to male workers is just 0.26. In this case, India ranked 128. In the competition rankings, India was followed by Sri Lanka 84th, Banglades 105th, Nepal 108th, and Pakistan 110th. China is in the 28th position. This time Singapore took the top spot by removing the US. Hong Kong was on the 3rd, Netherlands, on the fourth, followed by Switzerland, which is on the 5th rank.
WEF has stated that India's ranking is excellent in terms of macroeconomic stability and market size. Its financial sector is also stable, but the banking system has been affected due to the high rate of debt default. In this index, India ranks 15th in terms of corporate operations, second in shareholder operations, and third in market size and renewable energy regulation. In terms of innovation also, India performed better than other emerging economies and at par developed countries.