Finland continued to top, while India moved to the 50th rank from of a total of 117 countries. | |
| India moved up five places in the growth competitiveness rankings compiled by the World Economic Forum (WEF) to 50th place in 2005, up from 55th in 2004. The ranking of 117 countries covers actual data and the results of an executive opinion survey conducted by the Geneva-based organisation. |
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| China, in contrast, has moved down three places to 49th in 2005, mainly due to a deteriorating macro-economic environment, said the Global Competitiveness Report 2005-06. |
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| Finland continued to top the Growth Competitiveness Index (GCI) rankings for the fourth time in five years, followed by the United States, Sweden and Denmark. |
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| In terms of the Business Competitiveness Index, which places an emphasis on company specific factors such as sophistication of operating practices and company strategies and the quality of the National business environment, India was ranked 31st in 2005 out of a total of 110 countries. |
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| The country put in the worst performances in terms of fiscal deficit, hiring and firing practices and surprisingly, in usage of cellular telephones (2003 data is used), where it was ranked 108 out of 117 countries covered. |
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| It was the top ranking country in terms of access to credit and to availability of scientists and engineers and was second in terms of access to local equity markets. "The Indian economy has the potential to become an engine of growth for the world," said the report. |
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