According to the International Institute for Management Development (IMD), India has achieved a 40th position in the most recent world competitiveness ranking. This marks an improvement for India compared to the previous three years, during which it consistently held the 43rd spot. The IMD report indicates that India’s progress can be attributed to enhanced government efficiency. Notably, the country’s performance in exchange rate stability, compensation levels, and pollution control measures contributed significantly to its improved score.
However, the report also highlights several challenges that India will face in 2023. These include sustaining high GDP growth, managing financial market volatility, controlling inflation and fiscal deficit, expediting digital transformation, and mobilizing resources for infrastructure development.
On the other hand, Singapore experienced a slight decline in the rankings, dropping to fourth place in the latest world competitiveness ranking. The IMD’s World Competitiveness Centre (WCC) published its annual report, which revealed that Singapore ranked fourth out of 64 economies, down from its third-place position the previous year.
