Construction Economy
Workers stand on a crane at the construction site of a residential complex in Mumbai, India, 27 May, 2015 [Representational Image].Reuters

India ranking increased to the 39th position on the Global Competitiveness Index, which is compiled by the World Economic Forum. The ranking has climbed 16 places from the 55th position last year.

The jump is seen as the highest for any economy this year. Within the BRICS countries —India ranks second on the list —just behind China, which ranked on the 28th position. The improvement in business sophistication and goods market efficiency has pushed the Indian economy up on the list.

Switzerland topped the list as the most competitive economy for the eight consecutive time. Singapore and the United States rank second and third positions respectively. On the competitiveness index, India has a score of 4.52 while Switzerland scores 5.81, according to the report prepared by the World Economic Forum.

"India's competitiveness has improved across the board, in particular in goods market efficiency, business sophistication and innovation. Thanks to improved monetary and fiscal policies as well as lower oil prices, the Indian economy has stabilized and now boasts of the highest growth among G20 countries," the report stated.

However, the report notes that India is "still long way from having in place" all the elements to realise its potential as a major global economy, PTI reported.

Following is the world ranking of the top 10 countries along with their previous year's ranking:

Current ranking Countries Previous rankings
1 Switzerland 1
2 Singapore 2
3 United States 3
4 Netherlands 5
5 Germany 4
6 Sweden 9
7 United Kingdom 10
8 Japan 6
9 Hong Kong SAR 7
10 Finland 8

The Global Competitiveness Report 2015-2016 assesses the competitiveness landscape of 140 economies, providing insight into the drivers of their productivity and prosperity. The Report series remains the most comprehensive assessment of national competitiveness worldwide.

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