India better placed than US to tide over economic crisis

The US may have a few economic lessons to learn from India, with the emerging economy being better rated than the world's largest economy in terms of their capabilities to tackle the raging financial turmoil.

India has been ranked at the 13th position among 57 countries by Switzerland-based International Institute for Management Development (IMD) for being better equipped to tide over the crisis and emerge more competitive in near term.

The rankings based on 'Stress Test' also takes into account the future scenario along with individual nations' readiness and resilience in a period of global recession.

Denmark has clocked the top position, followed by Singapore, Qatar, Norway and Hong Kong. The US is placed far below at the 28th spot. Moreover, at the 13th place, India is ahead of neighboring China (18th rank) and the world's second-largest economy, Japan (26).

"The Stress Test shows that smaller nations, which are export-oriented, resilient and with stable socio-political environments are better equipped to benefit immediately from the recovery," IMD World Competitiveness Center Director Professor Stephane Garelli said. Going by the rankings, India is better placed than Brazil (22), the UK (34), Russia (51).