India has witnessed a six-position jump from 43rd to 37th rank on the annual World Competitiveness Index composed by the Institute of Management Development. This makes it one of the sharpest rises among the Asian economies. The significant improvement in the competitiveness of the Indian economy is primarily due to gains in economic performance, the IMD said.
The 2022 World Competitiveness Ranking was released by the IMD business school in Switzerland and Singapore. The experts at IMD World Competitiveness Center evaluate and ranks 63 economies on basis of their people’s prosperity by gauging economic well-being through data and surveys.
Denmark tops the 63-nation list, displacing Switzerland from the top position, which now slipped to the second position, and Singapore climbed to the third spot from fifth, a global study revealed on Wednesday.
The fourth position is Sweden, followed by Hong Kong SAR (5th), the Netherlands (6th), Taiwan (7th), Finland (8th), Norway (9th), and the USA (10th). Meanwhile, the best performing Asian economies are Singapore (3rd), Hong Kong (5th), Taiwan (7th), and China (17th).
India faces several challenges like managing trade disturbances and energy security, maintaining high GDP growth after the pandemic, developing skill and employment generation, asset monetization, and preparing and organizing resources for infrastructure development.