News: India is 29th competitive nation

(BD 16/05/2006) New Delhi - India has climbed up 10 notches on the World Competitiveness Scoreboard and has been ranked 29 due to its technological achievements and booming services sector. The ranking, published by Switzerland-based International Institute of Management Development (IIMD), takes into account 61 countries and regional economies.

Commenting on the ranking, published in the World Competitiveness Yearbook, industry body Progress, Harmony and Development Chamber of Commerce and Industry said in a statement, the task before the Union government now is to meet the standards and expectations of a buoyant economy.

China has also improved its position this year. It has been placed at 19, a jump of 12 places, the scoreboard mentions. The United States is still the world’s most competitive economy, while South America’s Venezuela is the least competitive country in the ranking, according to the yearbook.

The ranking is based on 312 criteria spanning four areas of economic performance, government efficiency, business efficiency and infrastructure.