From UPSC perspective, the following things are important :
Prelims level : World Competitiveness Ranking
Mains level : Not Much
India’s position has remained unchanged at 43 for the third year in a row in the World Competitiveness Ranking by Switzerland-based Institute for Management Development (IMD).
World Competitiveness Ranking
- The IMD World Competitiveness Ranking ranks 64 economies and assesses the extent to which a country promotes the prosperity of its people by measuring economic well-being through hard data and survey responses from executives.
- The ranking examines four factors — economic performance, government efficiency, business efficiency, and infrastructure.
- The top-performing economies are characterized by varying degrees of investment in innovation, diversified economic activities, and supportive public policy.
- Among the BRICS nations, India is ranked second after China (16), followed by Russia (45th), Brazil (57th) and South Africa (62th).
- Among the four indices used, India’s ranking in government efficiency increased to 46 from 50 a year ago, while its ranking in other parameters such as economic performance (37), business efficiency (32) and infrastructure (49) remained the same.
- India has maintained its position for the past three years but this year, it had significant improvements in government efficiency.