India is the second most competitive BRICS economy and will grow faster than China this year, as per the Global Competitiveness Index of the World Economic Forum.
It said India’s competitiveness improved the fastest in 2015-16, hopping 16 places to rank 39th among 138 countries on the index.
“India’s competitiveness has improved across the board, in particular in goods market efficiency, business sophistication, and innovation. Thanks to improved monetary and fiscal policies, as well as lower oil prices, the Indian economy has stabilised and now boasts the highest growth among G20 countries,” Global Competitiveness Report 2016 noted.
Report became public days before India Economic Summit scheduled in New Delhi on October 6 and 7.
Forum’s analysts called the country best-performing economy in south Asia and an engine of growth in the region.