WEF placed India at 55th position in Global Competitiveness Index of 2015 [ Current Affairs ]
About World Economic Forum (WEF): It was established in 1971. It is non - profit foundation which was recognized by Swiss authorities. It’s also called as European Management Forum. It is an international institution for public and private support.
- Its main function is to improve the state of the world in business, political, academic, other leaders of society and to shape global, regional, and industry outlines”.
- Its headquarters are in Cologne in Switzerland.
About Global Competitiveness Index:
- This was introduced in 2004 by the Economic Times.
- This index mainly depicts the competiveness among nations by their contribution to country’s productivity in micro and macroeconomic status.
- This helps in developing countries economically and improvising them and maintains the economic quo persistent.
- This also highlights the country’s advantages and suitability of investing in them.
- There are 12 basic pillars of competitiveness to be considered.
- The 12 pillars are Institutions, Infrastructure, Macro economy, Health and Primary education, Higher education and training, Goods market efficiency, Labor market efficiency, financial market sophistication, Technological readiness, Market size, Business sophistication, Innovation.
- Switzerland has retained its top position as the world’s most competitive economy for seventh year in a row.
- The countries included in this index are Switzerland, Singapore, United States, Germany, Netherlands, Japan, Hong Kong, Finland, Sweden and United Kingdom.
- The emerging economies include China, South Africa and India.
About India ranked 55th in the Index:
- India has been ranked 55th in the 2015 Global Competitiveness Index of the world’s competitive economies.
- This was printed in World Economic Forum which has measured 140 countries on whole.
- India has moved up 16 positions in 2015 compared to 71th position in 2014.
- This happened due to the improvement in competitiveness of institutions, macroeconomic environment and slight improvement in infrastructure.
- Published on: October 2, 2015