Financial Daily from THE HINDU group of publications
Saturday, Oct 01, 2005
Financial Daily from THE HINDU group of publications Saturday, Oct 01, 2005 |
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Industry & Economy
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Economy India gains in global growth index — Finland retains top slot in World Economic Forum rankings Our Bureau
New Delhi , Sept. 30 MOVING up by five places, India has been ranked in the 50th position, right after China, in the growth competitiveness index rankings 2005 of the World Economic Forum (WEF). With China having dropped three places to the 49th position, both countries have moved closer together in this year's ranking. The growth competitiveness index, which comprises three component indexes — the technology index, the public institutions index and the macroeconomic environment index — forms part of the Global Competitiveness Report (GCR) 2005-06 launched by the WEF on Wednesday. The GCR 2005-06 has assessed the competitive condition of as many as 117 economies worldwide. Finland continued to be the most competitive economy in the world and topped the rankings for the third consecutive year in the GCR 2005-06. The US is in second position, followed by Sweden, Denmark, Taiwan and Singapore, respectively. Although China and India have had an excellent growth performance in recent years, Mr Augusto Lopez-Claros, Chief Economist and Director of the WEF's Global Competitiveness Programme, noted that both countries continued to suffer from institutional weaknesses. He said that such weaknesses, unless addressed, were likely to slow down their ascension to the top tier of the most competitive economies in the world. To quicken the pace of India's growth to, say, 8 per cent per year, Mr Carlos said weaknesses such as high illiteracy rates and relatively low enrolment rates across all segments of the educational ladder would have to be addressed. Stating that India's roads, ports, airports and power generation were in a sorry state of repair, Mr Carlos underscored the need to upgrade infrastructure to create a friendlier environment for investment. It was also highlighted that India had a serious fiscal deficit problem and that this deficit was a drag on the economy.
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