India ranks 55th on Global Competitiveness Index : WEF
- India has ranked 55th in World's Global Competitiveness Index which was published by the World Economic Forum on its Global Competitiveness Report.
- India has improved its ranking by 16 position. Earlier India's rank is 71st.
- Switzerland has retained its top position as the world's most competitive economy for seventh year in a row and is followed by Singapore, the US, Germany and the Netherlands in the top-five.
- India has ended five years of decline with a 16-place jump to 55th position.South Africa is ranked higher and it has re-entered the top 50, progressing seven places to 49th.
- The Geneva-based think-tank further said a failure to embrace long-term structural reforms that boost productivity and free up entrepreneurial talent is harming the global economy's ability to improve living standards.
- The study was released by WEF to assesses 140 countries on the basis of factors driving their productivity and prosperity.
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