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When ranks do make a difference
India needs to give weightage its social development too...
The socio-economic problem of India is well affecting the business climate of India at global forums too. This year, India slipped to 48th position in the World Economic Forum’s Global Competitiveness Index and to 31st position in Business Competitiveness Index. These rankings are largely affected by the socio-economic parameters like sustainable national prosperity (calculated using per capita GDP) and the political and social context of the nation.
Intensive usage of technology, its generation and the incidence of technology transfer to India is worth appreciating, but the penetration and implementation of the latest technologies are still quite low when compared with international standards. This low penetration had led to low levels of per capita income which eventually degrade India’s rank at the global forum. Moreover, Indian government had failed drastically in reducing the public sector deficit (one of the highest in the world) and corruption in infrastructural development. Poor infrastructure, erratic power supply, inefficient bureaucracy, corruption, tax regulations & bad roads are major hurdles for upcoming entrepreneurs and also de-motivate them in starting their business units. These rankings not only degrades India’s image at global business forums but also abstain new entrepreneurial start-ups. Development of India cannot fructify on discreet policies, but actually on a centralised policies covering both social and economical aspects. After all, without society can business thrive?
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