22 OCT,2019 | MEDC
The Global Competitiveness Report 2019 released by the World Economic Forum (WEF) last week has painted a rather dismal picture of the Indian economy. This carries a risk for the Indian economy in its attempt to attract foreign investment. If India is to become a $ 5 trillion economy by 2024, the country can’t afford to have this image. India is losing the global perception battle even in areas where it has supposed strengths. For example, on the independence of the judiciary, India is ranked at 51, behind China at 47, Malaysia at 29 and Qatar at 23. The silver lining is that India seems to be on the move in innovation. This needs to be capitalized on by policymakers. To much of the world, India’s reform story looks like a piecemeal affair. They need to be proved wrong by taking bold decisions designed to enhance socio-economic competitiveness. Perception should not be allowed to trail performance.
*Photo Credit: Google