Narendra Modi govt's reforms get a thumbs up from WEF, economy rises 16 positions on Global Competitiveness Index
"Thanks to improved monetary and fiscal policies as well as lower oil prices, the Indian economy has stabilised and now boasts of the highest growth among G20 countries," according to WEF's Global Competitiveness Report 2016-17.
- Sep 28, 2016,
- Updated Sep 28, 2016 5:59 PM IST
The Narendra Modi government's economic reforms agenda received a boost from the World Economic Forum, with India climbing 16 places on the Global Competitiveness Index.
India has earned the tag of the fastest growing economy in the world in 2015-16, posting 7.6 per cent growth up from 7.2 per cent a year ago.
In the fourth quarter of the last fiscal too, the economic growth rose the most globally to 7.9 per cent against 7.2 per cent quarter on quarter.
And India continues to score high on the growth front with WEF's Global Competitiveness Report 2016-17, ranking it at 39th position, citing improved business sophistication and goods market efficiency.
"Thanks to improved monetary and fiscal policies as well as lower oil prices, the Indian economy has stabilised and now boasts of the highest growth among G20 countries," according to WEF's Global Competitiveness Report 2016-17.
The 16-rank rise for India from last year's 55th place is the highest for any economy this year. The economy is also the second-most competitive among BRICS nations behind China, which is ranked at the 28th position.
While recent reforms efforts have concentrated on improving public institutions, opening the economy to foreign investors and international trade and increasing transparency in the financial system, WEF said, "still, a lot needs to be done".
Further, the report noted that India is "still a long way" from having in place all the competitiveness elements to realise its potential as a major global economy.
Switzerland has topped the index for the eight straight time. Singapore and the US are at the second and third positions, respectively.
On the index, India has a score of 4.52 while that of Switzerland is 5.81. At the fourth spot is Netherlands, followed by Germany (5), Sweden (6) and the UK (7), Japan (8), Hong Kong SAR (9) and Finland (10).
(With PTI inputs)
The Narendra Modi government's economic reforms agenda received a boost from the World Economic Forum, with India climbing 16 places on the Global Competitiveness Index.
India has earned the tag of the fastest growing economy in the world in 2015-16, posting 7.6 per cent growth up from 7.2 per cent a year ago.
In the fourth quarter of the last fiscal too, the economic growth rose the most globally to 7.9 per cent against 7.2 per cent quarter on quarter.
And India continues to score high on the growth front with WEF's Global Competitiveness Report 2016-17, ranking it at 39th position, citing improved business sophistication and goods market efficiency.
"Thanks to improved monetary and fiscal policies as well as lower oil prices, the Indian economy has stabilised and now boasts of the highest growth among G20 countries," according to WEF's Global Competitiveness Report 2016-17.
The 16-rank rise for India from last year's 55th place is the highest for any economy this year. The economy is also the second-most competitive among BRICS nations behind China, which is ranked at the 28th position.
While recent reforms efforts have concentrated on improving public institutions, opening the economy to foreign investors and international trade and increasing transparency in the financial system, WEF said, "still, a lot needs to be done".
Further, the report noted that India is "still a long way" from having in place all the competitiveness elements to realise its potential as a major global economy.
Switzerland has topped the index for the eight straight time. Singapore and the US are at the second and third positions, respectively.
On the index, India has a score of 4.52 while that of Switzerland is 5.81. At the fourth spot is Netherlands, followed by Germany (5), Sweden (6) and the UK (7), Japan (8), Hong Kong SAR (9) and Finland (10).
(With PTI inputs)