Global Competitiveness Index was launched in 1979. It analyzes the competitiveness landscape of 141 economies. So, to award it measures and analyzes through 103 indicators including inflation, digital skills, life expectancy and trade tariffs.
By this, in the year 2019, the report compiled by Geneva-based World Economic Forum reported India ranks 68th on the GCI. Whereas Singapore topped in the 2019 Global Competitiveness Index (GCI) list and dropped the US to the second place.
5 countries of the list:
2) The US
3) Hong Kong SAR
Report highlights of India about GCI:
Earlier, India ranked 58th in the 2018 GCI report and the committee suggested India to grow its skills base.
Due to lack of trade openness, Indias product market efficiency has not been determined.
Coming to Indians labour market, WEF said that it will be characterized by a lack of worker rights protections, insufficiently developed active labour market policies and critically low participation of women.
When it comes to innovation area of India, it had proved above its development status with several advanced economies.
Thus, the shortcomings of the country that pull down India to 68th in the ranking list includes Limited information, communications, and technology (ICT) adoption, poor health conditions and low healthy life expectancy.