World Competitiveness Index-2022 Flashcards
WHY IN NEWSS?
Recently, the annual World Competitiveness Index was released by the Institute for Management Development (IMD).
IMD
IMD is a Swiss foundation, based in Switzerland, dedicated to the development of international business executives at each stage of their careers.
International Institute for Management Development (IMD) is a private business school in Lausanne, Switzerland specializes in executive education offering open enrollment programs for senior executives, as well as longer-term educational engagements that are customized for senior executives of a particular company.
Chairman -Michel Demaré
President -Jean-Francois Manzon
Established -1990
World Competitiveness Yearbook
The World Competitiveness Yearbook is an annual report published by the Swiss-based International Institute for Management Development (IMD) on the competitiveness of nations and has been published since 1989.
The yearbook benchmarks the performance of 63 countries based on 340 criteria measuring different facets of competitiveness. It uses two types of data:
2/3 hard statistical data (international/national sources)
1/3 survey data (Executive Opinion Survey).
INFO OF INDEX
: Denmark has moved to the top of the 63-nation list from the third position last year, while Switzerland slipped from the top ranking to the second position
India has witnessed the sharpest rise among the Asian economies, with a six-position jump from 43rd to 37th rank on the, largely due to gains in economic performance.
FACTORS OF INDIA ‘S IMPROVMENT .
Reasons for India’s Good Performance:
Major improvements in the context of retrospective taxes in 2021
Re-regulation of a number of sectors, including drones, space and geo-spatial mapping.
Significant improvement in the competitiveness of the Indian economy
India as a driving force in the global movement to fight climate change and India’s pledge of net-zero by 2070 at the COP26 summit also sits in harmony with its strength in environment-related technologies in the ranking.
STEPS TAKEN BY GOI
1)Towards Increasing Manufacturing Capacity:
India has made appreciable efforts to ensure resilience in manufacturing capacity such as via Atmanirbhar Bharat and Make in India initiatives which are aimed at domestic supply chains and heavy investment in manufacturing hubs.
The government has introduced the Production-Linked Incentive (PLI) Scheme in various sectors for enhancing India’s manufacturing capabilities and exports.
2) Technological Advancement:
To facilitate technological advancement for increasing competitiveness, India’s Department of Telecom (DoT) has constituted six task forces on 6G technology.
The Ministry of External Affairs, through its New, Emerging And Strategic Technologies (NEST) division is also ensuring India’s active participation in international forums on technology governance.
It acts as the nodal division within the ministry for issues pertaining to new and emerging technologies and assists in collaboration with foreign partners in the field of technologY
