India figures nowhere in global competitiveness

India has taken rapid strides in the fields of business and technology. But the country lags behind in global competitiveness due to lack of inclusive growth. In the latest survey on global competitiveness by World Economic Forum, India has slipped down further to the 71st ranking in FY15 from the 60th ranking in FY14. Switzerland tops the list as can be seen in today's chart. Also, it is interesting to note that the ease of doing business in India is the least among BRICS nations comprising of Brazil, Russia, India, China and South Africa. The main factors acting as stumbling blocks for doing business in India are long bureaucratic processes to start business, poor infrastructure, high inflation and tax rates and low primary health and education resulting in rigid and inefficient labour markets. However, the redeeming factor is that the country still ranks favourably on business sophistication and innovation. Therefore, if India were to attract global investments and achieve export competitiveness, then these structural issues need to be urgently resolved.