India’s rank took a beating by 1 place at the 32nd position in terms of world competitiveness by the International Institute for Management Development (IMD), the second best performer after China among the BRIC economies. The list of 59 nations was based on parameters such as government and business efficiency, infrastructure and economic performance.
According to IMD, India was ranked in the 32nd spot, while China (19th) assured a place for itself in the top 20 economies. The other BRIC peers Brazil and Russia were positioned 44th and 49th, respectively in the list.
However, both India and China slipped by one place. Brazil fell by six places, while Russia improved its position from last year's 51st place.
The US and Hong Kong were the most competitive countries in overall competitiveness among 59 nations, both ahead of last year's winner, Singapore, which fell to the third spot this year.