Just a moment...

Report
FeedbackReport
×

By creating an account you can:

Logo TaxTMI
>
Feedback/Report an Error
Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
TMI Blog
Home / RSS

India climbs steadily in the Global Competitiveness Index; Improves its ranking by 16 places for the second year in a row;. Now placed 39th among 138 countries, ahead of BRICS countries other than China

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ndia climbs steadily in the Global Competitiveness Index; Improves its ranking by 16 places for the second year in a row;. Now placed 39th among 138 countries, ahead of BRICS countries other than China <br>News and Press Release<br>Dated:- 29-9-2016<br><BR>The Union Finance Minister Shri Arun Jaitley said that in an extremely positive development, data released by the World Economic Forum (WEF) sh....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ows that India's ranking in the Global Competitiveness Index (GCI) has improved by 16 places for the second year in a row. According to the latest ranking, he said that India is placed 39th among 138 countries, ahead of BRICS countries other than China which is ranked 28th. The Finance Minister Shri Jaitley further said that the India's rank has steadily improved from 71 in 2014-15 to 55 in 2015-....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....16 and to 39 in the latest report. With this improvement in its ranking, India has covered a long distance and is well on its way to emerge as a major player in the global economy, he added. The Global Competitiveness Index released by the World Economic Forum is one of the major studies which indicates how a country scores in the scale of global competitiveness. The Index is calculated by aggre....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....gating indicators across 12 pillars which again are clubbed together in three broad sub-indices, namely basic requirements, efficiency enhancers and innovation and sophistication factors. The report covers both business and social indicators which, directly or indirectly, impacts the competitiveness of the country in the global arena. The landmark improvement in the Global Competitiveness ranking....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s India is in consequence of the structural reforms and policy initiatives taken by GOI in the last two years and should be viewed as an encouragement to us to continue with the agenda of reforms which would further streamline economic decision making and help us move up on the index of global competitiveness. The 12 pillars underlying GCI include Institutions, Infrastructure, Macroeconomic envir....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....onment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication and innovation. India's competitiveness has improved this year across the board, in particular in goods market efficiency, business sophistication and innovation. The macroeconomic environ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ment also improved due to better monetary and fiscal policies and lower oil prices. The Report analyses how India's competitiveness score had stagnated between 2007 and 2014 till the new government took office and undertook a range of reforms including opening the economy to foreign investors and international Improvements in infrastructure which were small and faltering during most of the past d....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ecade, actually picked up after 2014 when the government increased public investment and speeded up the approval procedures. Similarly, the institutional environment deteriorated until 2014, as mounting governance scandals and inefficiencies led to a loss of trust in public administration but this trend was reversed in 2014. Macroeconomic conditions also followed a similar path and the country was....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... able to keep a lid on inflation and reduce both the current account and fiscal deficits. India also ranks 8th in the strength of investor protection. There is however no room for complacency and Government will continue to focus on areas which need improvement. In the coming months and years, significant improvement in goods market efficiency may be expected from the implementation of the Goods a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nd Services Tax which will reduce fragmentation of the domestic market.<BR> News - Press release - PIB....