The Geneva-based think tank says India is a “bright spot” among larger emerging markets, which have shown a broader trend of either a decline or stagnation. It attributes the country’s big rise–which comes after five years of decline–to the election of Prime Minister Narendra Modi last year, which ignited optimism about the country’s limping policy changes.
“This dramatic reversal is largely attributable to the momentum initiated by the election of Narendra Modi, whose pro-business, pro-growth, and anti-corruption stance has improved the business community’s sentiment toward the government,” the WEF says in the report, which includes the Global Competitiveness Index 2015–2016 Rankings.
The ranking is based on the assessment of 140 countries on 12 parameters such as infrastructure, macroeconomic environment, institutions, health and education, among others.
The report says the quality of India’s institutions was judged more favorably in the latest ranking while its macro-economic stability has improved, with easing inflation and a gradual drop in the government’s budget deficit since its 2008 peak. Infrastructure has also improved, the report said.
“The fact that the most notable improvements are in the basic drivers of competitiveness bodes well for the future, especially the development of the manufacturing sector,” the report said.
However, India needs to improve its technological readiness: it is one of the least digitally connected countries in the world.Fewer than one in five Indians use the Internet regularly, and fewer than two in five own even a basic cell phone, according to the report.
The ranking of regional rival China has barely budged in the past six years as it has been dealing with rising production costs, an aging population and diminishing returns on the massive capital investments of the past three decades.
Among the remaining BRICS group of countries, Brazil was at number 75, plummeting from 57 last year. The Russian Federation was at number 45, up from 53 and South Africa was at 49, better than 56 last year.
“This dramatic reversal is largely attributable to the momentum initiated by the election of Narendra Modi, whose pro-business, pro-growth, and anti-corruption stance has improved the business community’s sentiment toward the government,” the WEF says in the report, which includes the Global Competitiveness Index 2015–2016 Rankings.
The ranking is based on the assessment of 140 countries on 12 parameters such as infrastructure, macroeconomic environment, institutions, health and education, among others.
The report says the quality of India’s institutions was judged more favorably in the latest ranking while its macro-economic stability has improved, with easing inflation and a gradual drop in the government’s budget deficit since its 2008 peak. Infrastructure has also improved, the report said.
“The fact that the most notable improvements are in the basic drivers of competitiveness bodes well for the future, especially the development of the manufacturing sector,” the report said.
However, India needs to improve its technological readiness: it is one of the least digitally connected countries in the world.Fewer than one in five Indians use the Internet regularly, and fewer than two in five own even a basic cell phone, according to the report.
The ranking of regional rival China has barely budged in the past six years as it has been dealing with rising production costs, an aging population and diminishing returns on the massive capital investments of the past three decades.
Among the remaining BRICS group of countries, Brazil was at number 75, plummeting from 57 last year. The Russian Federation was at number 45, up from 53 and South Africa was at 49, better than 56 last year.
Top 10 Countries
| Latest Ranking | Country | Previous Ranking |
|---|---|---|
| 1 | Switzerland | 1 |
| 2 | Singapore | 2 |
| 3 | United States | 3 |
| 4 | Germany | 5 |
| 5 | Netherlands | 8 |
| 6 | Japan | 6 |
| 7 | Hong Kong SAR | 7 |
| 8 | Finland | 4 |
| 9 | Sweden | 10 |
| 10 | United Kingdom | 9 |
BRICS Countries
| Latest Ranking | Country | Previous Ranking |
|---|---|---|
| 75 | Brazil | 57 |
| 45 | Russian Federation | 53 |
| 55 | India |
71
|
| 28 | China | 28 |
| 49 | South Africa |
56
|
PM Modi Articulate Spokesperson for India, Says Raghuram Rajan-NDTV-30th September 2015
Reserve Bank Governor Raghuram Rajan on Wednesday said that the government was doing a good job in managing the economy and praised Prime Minister Narendra Modi for being an "articulate spokesman for India".
"What we need to do is to back up his visits with action on the ground which reinforces the good impression that he has created," Dr Rajan said in an exclusive interview to NDTV, acknowledging PM Modi's initiative to market India as an investment destination.
"What we need to do is to back up his visits with action on the ground which reinforces the good impression that he has created," Dr Rajan said in an exclusive interview to NDTV, acknowledging PM Modi's initiative to market India as an investment destination.
52-year-old Dr Rajan, who has been called a "rockstar" central banker, also sought to dispel the notion that there was bad blood between the Mint Street (RBI) and North Block (Finance Ministry).
Dr Rajan said the relationship between the RBI and the government has been strong, but added that he did not always agree with the finance minister's point of view.
"Otherwise, the public should start getting worried that the central bank is becoming too acquiescent. In a sense we have to be a gatekeeper and sometimes say no!" the Governor said.
Dr Rajan said the relationship between the RBI and the government has been strong, but added that he did not always agree with the finance minister's point of view.
"Otherwise, the public should start getting worried that the central bank is becoming too acquiescent. In a sense we have to be a gatekeeper and sometimes say no!" the Governor said.
Silicon Valley trip shows depth of Modi’s digital delusions
Read full article by clicking on following link
http://www.ft.com/cms/s/0/3261d8ae-66c4-11e5-97d0-1456a776a4f5.html#axzz3nEcmQKhc
http://www.ft.com/cms/s/0/3261d8ae-66c4-11e5-97d0-1456a776a4f5.html#axzz3nEcmQKhc
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