The Indian economy has stabilised and now boasts of the highest growth among the G-20 countries.
On the back of improved monetary policy and recent reforms towards opening up the economy, India has jumped 16 places in the Global Competitiveness Index (GCI) to 39th spot,& also the 2nd most competitive among BRICS, the World Economic Forum (WEF) has said.
“India climbs, for the second year in a row, to 39th. Its 16-place improvement is the largest this year, thanks to improved monetary and fiscal policies as well as lower oil prices,” the WEF said in its Global Competitiveness Report 2016-17 published on Wednesday.
Switzerland, Singapore and the United States remained the world’s most competitive economies in the report that assesses the competitiveness landscape of 138 economies, providing insight into the drivers of their productivity and prosperity.
It also stated that Recent reform efforts have concentrated on improving public institutions, opening the economy to foreign investors and international trade, and increasing transparency in the financial system.
After 2014, when the government increased public investment and sped up approval procedures to attract private resources, it Improve in infrastructure development.
But still a lot needs to be done in the manufacturing sector, which has millions of unprotected and informal workers.