India’s economy is booming. It’s also becoming much more competitive.
The country has zoomed higher in a new ranking of global competitiveness by the World Economic Forum, marking the second consecutive year of massive gains following a long malaise.
India was the most improved country in the 2016 ranking, moving up 16 places to 39th. It’s a major improvement from two years ago when it languished in 71st position.
WEF said that India has made progress across the board, especially in market efficiency, business sophistication and innovation. It has also made significant gains in human welfare: Infant mortality has fallen by half over the previous decade, and life expectancy has increased from 62 years to 68 years over the same period.
Recent improvements have been supported by breakneck economic growth. In the latest quarter, gross domestic product expanded by 7.1%, a quick enough rate for India to keep its title as the world’s fastest growing big economy.
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