Call it the "Modi Effect."
"This dramatic reversal is largely attributable to the momentum initiated by the election of Narendra Modi, whose pro-business, pro-growth, and anti-corruption stance has improved the business community's sentiment toward the government," the group said in its report.
The WEF also noted the government's budget deficit has gradually dropped after hitting a peak in 2008, though it remains one of the highest in the world.
Globally, economies are still struggling to shake off the 2008 financial crisis, according to the WEF. The recovery has taken longer than expected, and recent geopolitical shocks, terrorism and the migrant crisis have added to economic difficulties.
Related: The bank where women rule
That makes India's success a bright spot. But despite improvements, challenges await Asia's third-largest economy.
India is one of the least digitally connected countries in the world -- fewer than one in five Indians access the Internet on a regular basis, and fewer than two in five own a basic cell phone, said the report.
Infrastructure "remains a major growth bottleneck," and electricity networks still needs a boost.
India continues to lag the other BRICS countries -- a group of similar emerging economics. China leads the pack at 28th, followed by Russia, South Africa, India and Brazil.
The WEF releases its Global Competitiveness Index each year, and ranks countries based on a range of key points including technological readiness, innovation, labor market efficiency, higher education and financial market development.
World Economic Forum's Global Competitiveness Index Top 10
- Switzerland
- Singapore
- United States
- Germany
- Netherlands
- Japan
- Hong Kong
- Finland
- Sweden
- United Kingdom
Related: India tests limits of e-commerce with live goat sales
Related: Reserve Bank of India slashes interest rates
CNNMoney (Hong Kong) September 30, 2015: 3:29 AM ET
After five consecutive years of decline, India has jumped 16 places to 55th in the World Economic Forum's ranking of the most competitive economies. Call
Modi powers India up ranking of most competitive economies
India has jumped 16 places to 55th in the World Economic Forum's ranking of the most competitive economies.
Modi powers India up ranking of most competitive economies ...
HONG KONG (CNNMoney) After five consecutive years of decline, India has jumped 16 places to 55th in the World Economic Forums ranking of the most competitive
Modi powers India up ranking of most competitive economies ...
Modi powers India up ranking of most competitive 55th in the World Economic Forums ranking of the most competitive economies. Call it the Modi Effect
Modi powers India up ranking of most competitive economies
India has jumped 16 places to 55th in the World Economic Forum's ranking of the most competitive
Modi powers India up ranking of most competitive economies ...
After five consecutive years of decline, India has jumped 16 places to 55th in the World Economic Forums ranking of the most competitive economies.
Modi powers India up ranking of most competitive economies
Modi powers India up ranking of most competitive economies After five consecutive years of decline, India has jumped 16 places to 55th in the World Economic Forum's
Modi Powers India Up Ranking Of Most Competitive Economies ...
Modi Powers India Up Ranking Of Most Competitive India has jumped 16 places to 55th in the World Economic Forum's ranking of the most competitive economies
Modi powers India up ranking of most competitive economies ...
India has jumped 16 places to 55th in the World Economic Forum\'s ranking of the most competitive economies. - BrunchNews
900 The Talk Modi powers India up ranking of most ...
Modi powers India up ranking of most competitive economies. Leave a Reply Cancel reply. Modi powers India up ranking of most competitive economies Posted
