India up 16 places in GCI ranking, again

India has climbed 16 places to the 39th rank on the global competitiveness index as improved business sophistication and goods market efficiency pushed its ranking.

The government welcomed the new ranking on Wednesday, calling it a “consequence of the structural reforms and policy initiatives taken by it in the last two years.”

Union finance minister Arun Jaitley termed the jump in India’s ranking as “an extremely positive development” and added that with reforms like Goods and Services Tax (GST), the ranking will only improve.

Mr Jaitley also said, “With this improvement in its ranking, India has covered a long distance and is well on its way to emerge as a major player in the global economy.”