India jumps 6 places to 37th rank on IMD's World Competitiveness Index
- IBEF
- June 16, 2022
India has witnessed the sharpest rise among the Asian economies, with a jump from 43rd to 37th rank on the annual World Competitiveness Index compiled by the Institute for Management Development (IMD), largely due to gains in economic performance.
Denmark has risen to the top of the 63-nation list after coming in third place last year, while Switzerland has slid from first to second place.
After a stable but stagnant five years, the Indian economy's competitiveness improved significantly in 2022, according to IMD, owing mostly to improvements in economic performance (from 37th to 28th).
The domestic economy has risen from 30th to 9th place in a year. The labour market, which is a critical sub-factor in the company efficiency parameter, jumped from 15th to 6th place, while management practises and business attitudes and values also improved significantly.
A trained workforce, cost competitiveness, economic dynamism, a high educational level, and open and positive attitudes are the top five aspects that make India's economy appealing to businesses.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
