India's rank is up by 16 notches in the Global Competitiveness Index this year owing to various initiatives taken by the Modi government.

The country now ranks 55 among 140 countries, according to a report released by the World Economic Forum (WEF) on Tuesday.

In the last year's report, India stood at the 71st position. However, despite the improvement in its ranking after five years of decline in its position in the list, the country's rank is still seven notches down as compared to 2007 rankings.

The WEF report relates the improvement in India's ranking "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 towards the government".

The list is topped by Switzerland followed by Singapore, the US, Germany and Netherlands, Business Standard reported.

The Global Competitiveness Index measures the country's performance by taking into account twelve factors, including technological readiness and business sophistication and innovation.

The report said India ranks 31 in terms of trust in politicians, while it ranks 32 in favouritism in the decisions of government officials.

On macroeconomic stability, India saw a significant improvement in the past one year, with its rank climbing by 10 places to 91st position. Falling inflation and narrowing current account deficit partly reflect that the macroeconomic conditions remain stable in the country.

The country's rank is also up six notches on infrastructure front. It now ranks 29 on the quality of railroad infrastructure and 11 on the available airline seats per km.