Q. What is the news?
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). Q. What is World Competitiveness Ranking? A.
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.
Q. How is India’s performance?
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.