Analyzing India’s Competitiveness: Insights from the Global Competitiveness Index (Deloitte Analysis)

World Economic Forum (WEF) came out with The Global Competitiveness Report 2011-2012 as per which Switzerland continues to top the overall ranking in Global Competitive Index (GCI), characterized by an excellent capacity for innovation and a very sophisticated business culture. Singapore has moved ahead to claim 2nd position this year. Sweden, Finland and United States rounds up the top five. European economies continue to prevail in the top 10 with Germany, Netherlands, Denmark, Japan, and United Kingdom following suit.
India ranks 56th out of 142 economies in the GCI for the year 2011-2012, down five ranks from the previous edition.
India‘s performance remains quite stable but with a decline in score by 5 points. India‘s competitveness is based on its large market size and good results in more complex areas including financial markets, business sophistication and innovation. Up by one position to 26th place, China reinforced its position within the top 30. Brazil is at 53rd (as compared to last year of 58th). China and Brazil are the BRIC countries to improve its rankings this year. Russian Federation is at 66th positions (compared to last year of 63rd position). India and Russia have declined in their rankings this year.