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India climbs three notches in global competitiveness (analysed from The Hindu, relevant for Prelims, GS III, Topic: Economy, Globalization)

According to a survey by the Switzerland-based IMD World Competitiveness Centre (WCC). India’s global competitiveness rank rose three notches to 41 from a year ago. India was ranked 44th in 2015, according to IMD. The current ranking is lower than the 35th position it secured in 2012.
The U.S. is ranked third this year yielding the numero uno position to China Hong Kong followed by Switzerland.

It was due to:

1.    significant improvement in exchange rate stability, 

2.    fiscal deficit management 

3.    efforts to tackle corruption and red tape

Other gainers from India are:

1.    cost competitiveness

2.    skilled workforce 

3.    dynamic economy

Drags on economy acc. to the report are:

1.    Higher consumer price inflation

2.    lower public spending on education

3.    tax revenue collection 

4.    lower merchandise exports

Challenges for the economy in 2016:

1.    sustaining its high growth rate

2.    increasing the share of research and development in the economy 

3.    implementation of the Goods and Services Tax Regime



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