India's declining global competitiveness

15 OCT,2019 | MEDC


 

India’s slippage on many key parameters measuring economic competitiveness does not augur well for the revival of the economy. In the latest global competitiveness index of the World Economic Forum (WEF), although India’s overall score declined only marginally in absolute terms, improvements by other countries pushed India’s ranking down by 10 notches to the 68th position among 141 countries. Complacency is the enemy of competitiveness, and India cannot afford to rest on its past achievements of economic growth. India needs all the foreign investment it can get and enhancing the ease of doing business in the economy is the only way that can happen. Capital flows are highly mobile today and they tend to move to markets where they get the best risk-adjusted returns. In a globalized economy, where countries are competing for markets and capital, marginal changes will not do. A thorough revamp of policy is the need of the hour and some bold decisions need to be taken to that effect.

*Photo Credit: Google

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