New Delhi, Sep 29 (KNN) The data released by the World Economic Forum (WEF) shows that India’s ranking in the Global Competitiveness Index (GCI) has improved by 16 places for the second year in a row.

According to the latest ranking, he said that India is placed 39th among 138 countries, ahead of BRICS countries other than China which is ranked 28th.

Union Finance Minister Arun Jaitley said this adding that India’s rank has steadily improved from 71 in 2014-15 to 55 in 2015-16 and to 39 in the latest report. With this improvement in its ranking, India has covered a long distance and is well on its way to emerge as a major player in the global economy, he added.  

The Global Competitiveness Index released by the World Economic Forum is one of the major studies which indicates how a country scores in the scale of global competitiveness.

The Index is calculated by aggregating indicators across 12 pillars which again are clubbed together in three broad sub-indices, namely basic requirements, efficiency enhancers and innovation and sophistication factors. The report covers both business and social indicators which, directly or indirectly, impacts the competitiveness of the country in the global arena.

The 12 pillars underlying GCI include Institutions, Infrastructure, Macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication and innovation. India’s competitiveness has improved this year across the board, in particular in goods market efficiency, business sophistication and innovation. The macroeconomic environment also improved due to better monetary and fiscal policies and lower oil prices.