India jumps 6 places to 37th rank on IMD’s World Competitiveness Index.

About Institute for Management Development (IMD):

• IMD business school in Switzerland and Singapore released the 2022 World Competitiveness Ranking. Its think-tank, Institute for Management Development (IMD) World Competitiveness Center, ranks 63 economies and assesses the extent to which a country promotes the prosperity of its people by measuring economic well-being via hard data and survey responses from executives.

Key points:

• India has witnessed the sharpest rise among the Asian economies, with a six-position jump from 43rd to 37th rank on the annual World Competitiveness Index compiled by the Institute for Management Development, largely due to gains in economic performance.
• Denmark has moved to the top of the 63-nation list from the third position last year, while Switzerland slipped from the top ranking to the second position and Singapore regained the third spot from fifth.
• After a stable but stagnant five years, 2022 witnessed significant improvement in the competitiveness of the Indian economy and this is largely due to gains in economic performance (from 37th to 28th).
• Some of the factors that helped India in improving its Rank: The labour market, a key sub-factor in the business efficiency parameter, moved up from 15th to 6th, while management practices and business attitudes and values also made major leaps. major improvements in the context of retrospective taxes in 2021, Its re-regulation of several sectors, including drones, space, and geo-spatial mapping, global movement to fight climate change and pledge of net-zero by 2070 at the COP26 summit etc.
• The top five attractive factors of India’s economy for business are – a skilled workforce, cost competitiveness, dynamism of the economy, high educational level, and open and positive attitudes.