India is the worst among Brazil, Russia, India and China (BRICs) when it comes to global competitiveness according to the WEF. India is ranked 71st in the global competitive index for 2013-2014 and China has improved its ranking and leads the pack.
If there was any doubt that India needs bold and path-breaking reforms, here it is- India has slipped 11 places in recent global competitiveness rankings released by the World Economic Forum (WEF). What's worse, the decline has been rather steady from being ranked 51 in 2008 to 71 in 2014.
Growth is showing signs of a revival, stock markets are at all-time highs, but when it comes to the ease of doing business, we still have a long way to go.
India is the worst among Brazil, Russia, India and China (BRICs) when it comes to global competitiveness according to the WEF. India is ranked 71st in the global competitive index for 2013-2014 and China has improved its ranking and leads the pack.
This year also saw India mark its steepest fall so far- dropping 11 places. The world economic forum report says: India's economy is held back by poor health services and primary education, as well as by its weak transport and power infrastructure.
Switzerland is the world's most competitive economy for the sixth straight year.
Singapore remains at number two followed by the United States which has overtaken Finland and Germany since last year. The Japanese economy could be struggling, but it has overtaken Hong Kong to take the sixth spot.
The Prime Minister had good reason to hard sell the India story in Japan.
While India ranks higher when it comes to innovation and business sophistication, it fares poorly in some basic areas of competitiveness.
India is ranked 106 when it comes to registering a business as it takes 12 procedures and almost a month. India is ranked 130 for its high tax rate and 112 for its rigid labour market. India is ranked just 23 places from the bottom when it comes to technological readiness.
The government has taken some steps to improve the ease of doing business- environment clearances have been moved online- and the centre is also planning a single-window clearance system to help new businesses. This is one reform that could be worth its weight in gold, if it comes through.
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