India slips 11 places in competition index
Country has dropped for the sixth consecutive edition
New Delhi: In a challenge for the Modi government which is looking to improve business environment in the country, India slipped 11 places to rank 71st in the World Economic Forum’s annual Global Competitiveness report 2014-2015.
“On a downward trend since 2007 and dropping by 11 more places this year, India ranks 71st. The new government faces the challenge of addressing the country’s competitiveness weaknesses and reviving the economy, which is currently growing at half the rate of 2010,” said the report.
The country has dropped for the sixth consecutive edition. India ranks lowest among BRICS countries. “The rank differential with China (28th) has grown from 14 places in 2007 to 43 today,” said the report.
World Economic Forum said that improving competitiveness will yield India huge benefits.
“In particular, it will help rebalance the economy and move the country up the value chain so as to ensure more solid and stable growth; this in turn could result in more employment opportunities for the country’s rapidly growing population,” said the report.
The report said that India’s slide in the competitiveness rankings began in 2009, when its economy was still growing at 8.5 percent.