Global Competitiveness and India : Current Trends and Opportunities

Global Competitiveness report published by World Economic Forum (WEF) provides an overview of competitive performance of around 140 economies and ranks (indexes) each country on the basis of its global competitiveness on annual basis. Individual rank (index) of each country is known as Global Competitive Index.The assessment of global competitiveness is done on the basis of 3 main categories – Basic Requirements category, Efficiency Enhancers category and Innovation & Sophistication category out of which Basic Requirements consists of four pillars, Efficiency Enhancers consists of six pillars and Innovation & Sophistication consists of two pillars. Each of these pillars consists of sub indexes on the basis of which ranking of each country is done. On trend analysis of Global Competitiveness of India, it is found that current trends in innovation growth in India is imminent but India is lagging behind in Basic Requirements and Efficiency Enhancers. By combining Global Competitiveness reports of previous decade, the paper aims to analyze the areas of improvement in which India is lagging behind other countries in the past few years