The Indian economy is currently booming due to steadily increasing. In fact, India is considered to be much more competitive.
Launched CNN, the country’s economy has slid higher in a new ranking of global competitiveness by the World Economic Forum (WEF), for the second year in a row.
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India moved up 16 rank to level 39. This is a huge increase from two years ago when India sits at No. 71.
WEF said India has made progress in all sectors, especially in market efficiency, business sophistication and innovation. It also has made significant gains in human well-being, such as infant mortality has fallen by half over the past decade, and life expectancy increased from 62 years to 68 years over the same period.
Improvements have recently been supported by economic growth is very high. In the last quarter, gross domestic product rose to 7.1 percent, a rate fast enough to keep the title as India’s major economies in the developing world.
However, analysts noted the WEF is not an area that needs improvement. The group warned that more reforms are needed if India wants to prosper in the next development phase.