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28 September 2016
On
the back of improved monetary policy and recent reforms towards opening up the
economy, India has jumped 16 places in the Global Competitiveness Index (GCI)
to 39th spot, the World Economic Forum (WEF) has said. The Total Investment & Insurance Solutions
"India
climbs, for the second year in a row, to 39th. Its 16-place improvement is the
largest this year, thanks to improved monetary and fiscal policies as well as
lower oil prices," the WEF said in its Global Competitiveness Report
2016-17 published on Wednesday.
The
Indian economy has stabilised and now boasts of the highest growth among the
G-20 countries, the report underlined. The
Total Investment & Insurance Solutions
"Recent
reform efforts have concentrated on improving public institutions, opening the
economy to foreign investors and international trade, and increasing transparency
in the financial system," it stated. The
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The
report also highlighted that India happens to be the second-most competitive
economy among the BRICS (Brazil, Russia, India, China and South Africa)
countries, with China ahead at 28th spot. The
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Switzerland,
Singapore and the United States remained the world's most competitive economies
in the report that assesses the competitiveness landscape of 138 economies,
providing insight into the drivers of their productivity and prosperity.
The
report emphasised that updated business practices and investment in innovation
are now as important as infrastructure, skills and efficient markets.
Crediting
Prime Minister Narendra Modi's government for undertaking reforms, the report
said, "India's competitiveness score stagnated between 2007 and 2014, and
the economy slipped down the GCI rankings. Since the new government took office
in 2014, India climbed up the rankings to 39th in this edition of the
report." The Total Investment & Insurance
Solutions
Improvement
in infrastructure was small and faltering, but picked up after 2014, when the
government increased public investment and sped up approval procedures to
attract private resources, it said. The
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"The
institutional environment deteriorated until 2014, as mounting governance
scandals and seemingly unmanageable inefficiencies saw businesses lose trust in
government and public administration, but this trend was also reversed after
2014," it added.
But
still a lot needs to be done in the manufacturing sector, which has millions of
unprotected and informal workers, the report stated.The Total Investment & Insurance Solutions
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