15 October 2019, Mumbai, Rajendra Deshpande:
Global Competitiveness Report 2019 has downgraded India to 68th position due to certain parameters taken into consideration by World Economic Forum. The report shows a significant gap in our perception of development on almost 103 individual factors organised into twelve pillars that were assessed with equal importance.
This annual survey done by World Economic Forum since 2004 had seen India in 58th position, in 2018. “The World Economic Forum introduced last year the new Global Competitiveness Index 4.0, a much-needed new economic compass, building on 40 years of experience of benchmarking the drivers of long-term competitiveness.”
World Economic Forum ranks economies based on the Global Competitive Index. This is based on a set of institutions, policies, and factors that determine the level of productivity of a country, conditions of public institutions and technical conditions.
Global Competitive Index measures Gross domestic product, Quality of overall infrastructure, Effect of taxation on incentives to invest, Availability and quality of information and Legislation are statistically significant.
India’s Global Competitive Index & Business Value Development – Rajendra.Deshpande.
“Competing on a Global Stage is like running up an escalator that is rolling down. It takes all the running energy just to stay in the same place.
Sometimes one can even backslide. India’s Performance on the World economic forum designed Global Competitive index 2019 is the testament to this validity of this law of locomotion.
To remain always competitive consistently what is needed is Business Value development. When we now have all the hardware, what is required is Value Development which keeps you Competitive.
Global Competitive index is the one that determines the overall productivity of the economy. India scores 61.4 on a scale of 0-100. In 2019, it is only marginally lower (0.7 Points) than it was last year. But since competition is so fierce, the India ranking fell by 10 notches to 68th Spot out of 144 countries.
India, one of the fastest-growing economy ranks lower than other developing countries like Vietnam. Analysis of performance on various parameters reveals the country’s falling areas.
This is a perfect case for Business Value Development when all the hardware is more or less is in Place, which can trigger performance and productivity is Business Value Development. The under performance is in:
- Health – Life expectancy
- Market Development
- Trade openness– Barriers, High Tariffs,
- Digitization – Adoption to technologies
- Low Rural tele-density, Penetration of Internet
- Labour Market Flexibility
- Absence of Meritocracy
- Poor Female Participation in the Labour force.
- Inadequacy in education System, lack of development of Thinking Skills
India has been working on this hard, however, the Growth acceleration, needs to keep pace with other countries and maintain our position. That is where Business Value Development comes into the picture.
One of the most important points the report makes is it is productivity that increases sustainability.
Business Value Development, which is a Holistic approach to Business Growth, Increases sustainability of growth and also environment Sustainability.
The traditional argument that economic growth is against environmental Sustainability does not hold true. Sustained Economic Growth needs Sustained Businesses. Sustainable business needs Business Value Development Practices.”
The author, Rajendra Deshpande is a Pharmacy Grad with Masters in Marketing International Business. He is a renowned Thinker, Speaker, Trainer in Sales & Marketing –Digital. He is also a Business Value Development Consultant – USA. Readers can reach him at: mantr4success@gmail.com
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