India chasing 49 countries in Global Competitivenesss

The United States, tops the overall ranking in The Global Competitiveness Report 2008-2009 again, released recently by the World Economic Forum. However Our India is still chasing 49 countries in the race of global competitiveness. We have improved a lot on various aspects like we enjoy advantages not only from its market size (ranked 4th for its domestic market size and 5th for its foreign market size), but also from its strong business sophistication (ranked 27th) and innovation (ranked 32nd), however our overall competitive position is weakened by its macroeconomic instability (109th), with the government running one of the highest deficits in the world (ranked 127th), unsustainable levels of government debt (ranked 113th), and fairly high inflation.

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The list goes as shown below:

Country: US

Rank: 1

Score: 5.74


Country: Switzerland

Rank: 2

Score: 5.61


Country: Denmark

Rank: 3

Score: 5.58


Country: Sweden

Rank: 4

Score: 5.53


Country: Singapore

Rank: 5

Score: 5.53


Country: Finland

Rank: 6

Score: 5.50


Country: Germany

Rank: 7

Score: 5.46


Country: Netherlands

Rank: 8

Score: 5.41


Country: Japan

Rank: 9

Score: 5.38


Country: Canada

Rank: 10

Score: 5.37
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Country: India

Rank: 50

Score: 4.33

World Prosperity Index - India 70th

Quality of secondary education, cost of starting a business and the lack of government effectiveness have led India to rally ahead of many South Asian nations ranking at 70 positon among 104 nations on the World Prosperity Index (WPI) 2008.

"India has a relatively entrepreneurial culture. It requires government effectiveness and tackling corruption," Legatum Institute Managing Director Alan McCormick said.

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Increase in capital and education contribute directly to the value of physical and human capital and thus directly increase economic output. Poor governance and excessive bureaucracy impose costs on business and thus restrain growth, the report released last week said.

The Institute also ranks India 10th on its 'Who's Going Places' list, with China on number six.

"These countries have the best context right now within which to create wealth," McCormick said.

Both the economies have recently grown faster than almost any country in the rich world. Being the home of more than two billion people, these improvements in competitiveness have brought about a dramatic lessening of the global wealth gap, a good news for global prosperity, the report said.

"India outstrips many South Asian nations in various aspects of wealth creation. It ranks stronger with reference to other Asian countries in terms of avoiding dependence on commodity exports and foreign aid," McCormick said.

- Source -PTI