Jumping 16 spots in the World Economic Forum\u2019s (WEF) Global Competitiveness Index, and for the second year in a row, highlights how India\u2019s standing has gone up in the global community since the Narendra Modi government assumed power. Two years ago, India was a celebrated member of the Fragile Five; today, with inflation under control, the current account deficit all but over and growth at over 7%, it looks like one of the best-performers across the world. And while it is true local investment levels remain stagnant and rating agencies like Moody\u2019s have said they are not going to upgrade India\u2019s ratings till they see action on the ground, foreign investors are putting in money like never before. On a standalone basis, FDI flows have almost doubled over the past five years, from $21.7 billion in FY11 to $40 billion in FY16\u2014if you include reinvested earnings of these firms, which is the international definition of FDI, the rise is from $34.9 billion to $55.5 billion. Next year\u2019s ranking could increase even more since, as WEF points out, the introduction of the GST will improve India\u2019s ranking in the \u2018goods market efficiency\u2019 parameter. Similarly, with a firm control over inflation, India\u2019s rank cannot remain at a low 101 out of 138. That said, it is important to put the dramatic jump in rankings in perspective. Certainly, the government has made important steps in reforms in many areas, but most of the change in rankings is not based on actual data, it is based on an opinion poll of executives in the country. To the extent the UPA years were marred by corruption charges\u2014from 2G to CWG, Coalgate and more\u2014and by evidence of policy paralysis, the Modi government lifted sentiment even before its actions were felt on the ground. This is evident from the way some of the rankings have changed. One of the biggest change areas is \u2018institutions\u2019 which includes \u2018trust in politicians\u2019\u2014rankings here rose from 115 in FY14 to 31 in FY16, from 110 to 49 in the case of \u2018irregular payments and bribes\u2019, from 94 to 29 in the case of \u2018favouritism by government\u2019 and from 104 to 23 in the case of \u2018burden of government regulation\u2019. While the jump in rankings in the infrastructure sector seems reasonable given the massive roads\/railway programme, surely the same cannot be said about labour market efficiency? In the case of \u2018hiring and firing practices\u2019, rankings have improved from 52 in FY14 to 15 in FY16 and from 58 to 33 in the case of \u2018pay and productivity\u2019\u2014since the government has made no meaningful changes in labour laws, what this means is that those surveyed were quite optimistic of changes based on what the government was planning. What this means is that, if the government\u2019s intention is not translated into action by this time next year, the opinion survey could well go the other way. Equally worrying, despite the reforms being made by the government, most of those polled thought tax regulations continue to be a problem\u2014think not just Vodafone and Cairn but, more recently, MakeMyTrip. In terms of the skills levels of the work force\u2014so critical if the nation is to remain competitive\u2014those polled ranked India 104th out of 138 countries. Actual data, as opposed to an opinion poll, on enrolment rates show India poorly\u2014ranking in primary education enrolment has fallen from 80 to 92 and while it has improved for secondary\/tertiary levels, the rank remains poor at 102 It is important to celebrate the movement in the WEF rankings, but as vital to recognise the work ahead.