Ranked in the bottom half of the 38 countries that make up our lower middle income bracket.
- India’s overall place in the Global Competitiveness Index 2014–2015 rankings is 71 out of 144 countries.
- Particularly disappointing is its position in terms of Fiscal Transfers, where it ranks 37th out of 38. It also ranks very low at 32nd for Tax Code and 36th for social protection.
- WEF said that India would need to prioritise improvement would be ‘Asset building and entrepreneurship’, in particular the Small business ownership.
- For business and political ethics, India ranks 12th, while it ranks 11th on the Financial intermediation of real economy investment pillar, which suggests that money invested in the economy generally gets directed towards productive uses.
What are the parameters of Global Competitiveness Index ? Why it is important for Indian economy?