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India slipped three spots to secure the 40th position in the latest world competitiveness ranking published by the International Institute for Management Development (IMD).

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Despite the drop, India's current ranking is an improvement compared to the years 2019-2021 when it consistently held the 43rd position

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Denmark, Ireland, and Switzerland claimed the first, second, and third positions respectively. The Netherlands secured the fifth spot, followed by Taiwan, Hong Kong, Sweden, the USA, and the UAE in the rest of the top 10

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The IMD report highlighted that India showed improvements in government efficiency, but slightly underperformed in business efficiency, infrastructure, and economic performance when compared to other countries

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Exchange rate stability, compensation levels, and advancements in pollution control were the top three factors that positively impacted India's competitiveness score

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The report emphasized challenges such as sustaining high GDP growth, managing financial market volatility, controlling inflation and fiscal deficit, accelerating digital transformation, and mobilizing resources for infrastructure development

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Rankings also reflected competitiveness improvements of economies that reopened later after the COVID-19 pandemic, while early-opening economies experienced setbacks

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The IMD World Competitiveness Yearbook analyses and benchmarks the competitiveness of 64 countries worldwide using surveys, statistical data, and trends

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India's drop in rankings highlights the need to address areas of improvement such as business efficiency, infrastructure development, and economic performance to strive for higher competitiveness globally

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