India has improved its ranking by moving up one position from 45th to the 44th place with respect to competitiveness in the annual rankings declared by International Institute for Management Development (IMD) which has put the US in the top spot in the list.
It is to be noted that the US has emerged as the most competitive economy worldwide on account of its strength in economic performance and infrastructure which is closely followed by Hong Kong and Singapore well placed in the second and third spot respectively. Among the other two countries in the list of top five positions were the Netherlands and Switzerland. Although India has been listed on the 44th position globally which is one rank higher than its previous years ranking, it is placed at the 12th position in the list of the most competitive economy out of the 14 Asian countries.
The report said this about India that, “some of the challenges which India has to face for the year 2018 would be skilling of manpower and employment generation, streamlining the implementation of goods and services tax and balancing high growth with sustainable development goals”. The report further stated that “digital literacy and adequate bandwidth at rural areas and mobilisation of resources for infrastructure development needs are few more key areas where the government needs to concentrate”.
The other countries which made to the top 10 in the list include Denmark (6th), the UAE (7th), Norway (8th) and Sweden (9th) and Canada (10th). In the interim, China placed at 13th position in the list continued to steadily rise in its rankings since the past five years and climbed by 10 spots since 2014 due to a strong economic performance of its domestic market and workforce employment. It is remarkable that these ranking have been published every year since 1989 by the IMD World Competitiveness Center, a research group at IMD business school in Switzerland. It has ranked 63 countries this year out of which Cyprus and Saudi Arabia have been listed for the first time in the rankings.