UK & India both rise in ‘Global Competitiveness Rankings’
By UK India Business Council (UKIBC)
The World Economic Forum yesterday released its latest rankings on ‘Global Competitiveness,’ with both the UK and India making notable progress in moving up the table
The World Economic Forum meets yearly in Davos, Switzerland. Image credit: Crossroads Foundation
The UK moved up 3 places to 7th in the rankings, despite the uncertainty caused by the recent referendum on membership of the European Union. The Chancellor of the Exchequer, Phillip Hammond, was quick to welcome the rise, saying that the country will remain “highly competitive” and “open for business,” as it negotiates its exit from the EU.
“Today’s report by the World Economic Forum… demonstrates our ability to sharpen our edge and improve our competitiveness,” he added.
India meanwhile shone as the highest riser in the list, moving up 18 places, from 55th in 2015 to 39th this year. This is evidence that Modi’s mission to improve efficiency and competitiveness in the Indian economy is beginning to bear fruit, and the WEF acknowledgement of his government’s reforms will be of much comfort to Mr Modi.
According to the report, improvements ‘across the board’ including the upgrading of institutions and infrastructure have contributed to increasing overall competitiveness in India. Since entering office in 2014, Prime Minister Modi has overseen an increase in public investment and ‘speeding up’ of approval procedures to attract private resources.
Financial market development is another factor cited in the report to explain India’s significant rise in the rankings, and the WEF are keen to highlight the importance of the NDA government’s economic reforms in improving efficiency in India’s economy.
It is clear from this year’s rankings that both the UK and India are moving in the right direction in terms of providing an environment that enables business to flourish. There has never been a better time to invest in this great partnership, and yesterday’s WEF report shows a marked improvement in an already flourishing competitive environment in both countries.
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