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India has jumped six places on the Institute for Management Development’s (IMD) annual Global Competitiveness Index, the fastest recovery among Asian economies. India has moved from 43rd to 37th in the index. India’s position in terms of competition has improved mainly due to improvement in performance on the economic front.
Among the better performing Asian economies, Singapore is at 3rd, Hong Kong at 5th, Taiwan at 7th, China at 17th and Australia at 19th. According to a global study, Denmark has topped the list of 63 countries. Last year it was ranked third while Switzerland has slipped from first to second. At the same time, Singapore has moved from 5th to third place.
Sweden in fourth place
The top 10 countries in the index are Sweden at 4th, Hong Kong SAR at 5th, Netherlands at 6th, Taiwan at 7th, Finland at 8th, Norway at 9th and USA at 10th.
India restores confidence of business community
Christos Cabolis, Economist at IMD’s Center for Global Competitiveness, said Prime Minister Narendra Modi’s major tax reforms in 2021 seem to have restored the confidence of the business community. Its re-regulation of several areas, including drones, space and geospatial mapping, also played a role in the country’s remarkable performance in the 2022 WCR.
Indian economy recovers after five years
According to the IMD, after remaining stable for five consecutive years, 2022 has seen a significant improvement in the competitiveness of the Indian economy. India’s position has improved due to better performance on the economic front. The challenges India is facing include managing trade barriers and energy security, sustaining post-pandemic GDP growth, skill development and job creation, monetizing assets, mobilizing resources for infrastructure development. WCC Chief Economist Christos Cabolis said inflationary pressures are affecting most economies.