World Competitiveness Index 2021
Part of: GS Prelims and GS -III – Economy
- According to the World Competitiveness Yearbook (WCY), India maintained 43rd rank on the annual World Competitiveness Index.
- The World Competitiveness Index is a comprehensive annual report on the competitiveness of countries.
- Compiled by: Institute for Management Development (IMD).
- It examined the impact of COVID-19 on economies around the world this year.
- It measures the prosperity and competitiveness of countries by examining four factors (334 competitiveness criteria):
- Economic performance
- Government efficiency
- Business efficiency
Key analysis by the report
- Many Countries succeeded in transitioning to a remote work routine while also allowing remote learning.
- Addressing unemployment has been fundamental.
- Top countries: Switzerland (1st), Sweden (2nd), Denmark (3rd), the Netherlands (4th).
- The top-performing Asian economies: Singapore (5th), Hong Kong (7th), Taiwan (8th) and China (16th).
- India has maintained its position for the past three years.
- This year, it had significant improvements in government efficiency
- India performed better in investments in telecoms (1st), mobile telephone costs (1st), ICT services exports (3rd), remuneration in services professions (4th) and terms of trade index (5th).
- India’s Performance was worst in broadband subscribers (64th), exposure to particulate pollution (64th), human development index (64th), GDP per capita (63rd)
Recent Steps Taken by India to Increase its Competitiveness