New Delhi: India climbed 16 positions to the 39th spot in the global competitiveness index (GCI), according to World Economic Forum report.
The GCI Report 2016-17 said the country showed its improvement in goods market, business sophistication, and innovation.
Switzerland topped the list as the most competitive economy setting record for the eighth straight time.
Singapore and the United States stayed in second and third place respectively. The Netherlands beat Germany to take fourth place while Sweden in sixth spot. Britain made it to seventh place thanks to improvements in its macroeconomic environment.
China remained at the top of the BRICS countries by acquiring 28th spot. There were no newcomers to its 2016-2017 top 10.
The report also showed that India needs to focus on certain areas such as infrastructure development, the use of technology and efficiencies in the labour market.
This year’s report consisted of 138 economies have been assessed for their competitiveness compared to 140 economies in the 2015-16 rankings.For all the latest Business News, download NewsX App