India’s ranking has improved to 55th in the Global Competitiveness Index (GCI). The improvement in India’s ranking in the GCI can be attributed to recent improvements in macroeconomic fundamentals, continuation of ongoing reforms process and improvement in business sentiments with innovative steps taken by the Government to facilitate ‘ease of doing business’. With sustained efforts of the Government, there has been improvement in budget and current account deficits.

This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha

Ease of doing business reforms driving improved global competitiveness, reflecting stronger macroeconomic fundamentals and fiscal consolidation. Improved global competitiveness reflects policy measures strengthening macroeconomic fundamentals, advancing structural reforms, and enhancing business sentiment through steps to facilitate ease of doing business. The upward movement in the Global Competitiveness Index is attributed to sustained government actions addressing budget and current account deficits and implementing reforms to reduce regulatory frictions for firms.