NEW DELHI: According to the Global Competitiveness Report 2018 of World Economic Forum, India ranks 58th, up five places from 2017 out of 140 economies.
The country registered the largest gain of any country in the G20.
India has demonstrated sizeable improvements over the past year.
According to the report, India is a remarkable example of a country that has been able to accelerate on the pathway to innovation due to the quality of its research institutions.
In spite of a high degree of entrepreneurship (23rd), business dynamism is hampered by administrative hurdles.
India currently ranks 108th on the Health pillar and 96th on the Skills field of the index.
The United States is the closest economy to the frontier of Global Competitiveness Index, the ideal state, where a country would obtain the perfect score on every component of the index.
With a competitiveness score of 85.6, the US is 14 points away from the frontier mark of 100, implying that even the top-ranked economy among the 140 has room for improvement.
It is followed by Singapore and Germany at second and third place consecutively.
Switzerland comes in at fourth place followed by Japan, Netherlands and Hong Kong SAR.
The United Kingdom, Sweden and Denmark round out the top ten.
The report suggests that all economies must invest in broader measures of competitiveness today to sustain growth and income in the future.