Big boost to Modi government: How and why India moved up 16 places in World Competitiveness Index

By: | Updated: September 28, 2016 5:37 PM

Amitabh Kant, NITI Aayog CEO on Wednesday said that India should now focus to continue this ambitious target that it has set for itself and aim to be in the top five.

"It's the biggest jump any country has achieved. The jump is across various parameters. It is on ease of doing business, it's on monetary policy, it's on fiscal improvement. This is a huge achievement for the country," he said. “It’s the biggest jump any country has achieved. The jump is across various parameters. It is on ease of doing business, it’s on monetary policy, it’s on fiscal improvement. This is a huge achievement for the country,” he said.

Stating that it is a very radical improvement for a country to jump 16 positions on the Global Competitiveness Index prepared by the World Economic Forum, Amitabh Kant, NITI Aayog CEO on Wednesday told ET Now that India should now focus to continue this ambitious target that it has set for itself and aim to be in the top five. “It’s the biggest jump any country has achieved. The jump is across various parameters. It is on ease of doing business, it’s on monetary policy, it’s on fiscal improvement. This is a huge achievement for the country,” he said. When asked about the key issues India needs to work on, Kant said that in the next four years we need to work on a vast range of measures. “We should work towards improving our patents, policies. We should make India a very efficient and competitive country by improving our productivity levels.” The government is doing a great job across sectors by scrapping a lot of procedures and paperwork, he said.

On being asked about the things on which Niti Aayog is working, Kant was quick to respond by saying that Niti Aayog is working on several things. “We are are working on innovation, tinkering labs, disinvestment, restructuring education, in short, we are working on transforming India,” he told the channel.

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India has climbed 16 places to the 39th rank on the Global Competitiveness Index prepared by the World Economic Forum as improved business sophistication and goods market efficiency pushed its ranking higher. For the eighth straight time, the list is topped by Switzerland as the most competitive economy. Singapore and the US are at the second and third positions, respectively.

The jump of 16 places for India from last year’s 55th place is the highest for any economy this year. India is also the second-most competitive among BRICS nations behind neighbouring China, which is ranked at the 28th position. On the index, India has a score of 4.52 while that of Switzerland is 5.81.

While recent reforms efforts have concentrated on improving public institutions, opening the economy to foreign investors and international trade and increasing transparency in the financial system, WEF said, “still, a lot needs to be done.” Further, the report noted that India is “still long way” from having in place all the competitiveness elements to realise its potential as a major global economy.

The rankings are based on the Global Competitiveness Index (GCI), which is based on country-level data covering 12 categories. These include institutions, infrastructure, macroeconomic environment, health and primary education, financial market development, technological readiness, market size, business sophistication and innovation.

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