The Indian economy has stabilised and now boasts of the highest growth among the G-20 countries, the report underlined.
India’s “competitiveness has improved across the board, in particular in goods market efficiency, business sophistication, and innovation”.
Switzerland, Singapore and the United States remained the world’s most competitive economies, providing insight into the drivers of their productivity and prosperity.
Improvement in infrastructure was small and faltering, but picked up after 2014, when the government increased public investment and sped up approval procedures to attract private resources, it said.
“The institutional environment deteriorated until 2014, as mounting governance scandals and seemingly unmanageable inefficiencies saw businesses lose trust in government and public administration, but this trend was also reversed after 2014,” it added.
They said, if implemented well, the Goods and Services Tax will be a “game changer” for the country.