According to the International Institute for Management Development (IMD) report, India was ranked 44th in terms of competitiveness, while the US tops the slot in the IMD global competitive rankings out of 63 countries.
India was moved one notch higher, to the 44th place in terms of competitiveness, in the annual rankings compiled by IMD. India ranked the 12th most competitive economy out of the 14 Asian countries on the list.
The United States becomes the most competitive economy globally driven by its strength in economic performance and infrastructure, followed by Hong Kong and Singapore in the second and third places, respectively.
India’s rank remained at 44th in 2015 and jumped four places to 41st in 2016, dropping to 45th in 2017, and rising to 44th in 2018. In contrast, China bagged the 13th rank in 2018 as compared to the 18th rank in 2016.
The top 5 most competitive economies in the world are The USA (Rank 1st); Hong Kong (Rank 2nd); Singapore (Rank 3rd): The Netherlands (Rank 4th) and Switzerland (Rank 5th).
The other top 10 countries include Denmark (Rank 6th), the UAE ( Rank 7th), Norway (Rank 8th) and Sweden (Rank 9th) and Canada (Rank 10th).
Regarding India, the IMD report said, "some of the challenges which India has to face for the year 2018 would be skilling of manpower and employment generation, streamlining the implementation of goods and services tax and balancing high growth with sustainable development goals".
The IMD report further noted that "digital literacy and adequate bandwidth at rural areas and mobilisation of resources for infrastructure development needs are few more key areas where the government needs to concentrate".