India could make only marginal improvement in creating growth competitiveness in spite of substantial progress recorded in the last decade as other countries have moved faster. More needs to be done in terms of consolidation of public finance and building of social infrastructure, World Economic Forum’s chief economist Augusto Lopez Claros said. The second-generation reforms undertaken by India have not kept pace with those in the other countries, he said, adding the country was ranked 37 among 102 nations in business competitiveness mainly due to infrastructure bottlenecks and red tapism. However, as per the WEF growth competitiveness ranking, India has improved its position to 53 from 54 among the 102 countries, he said. Meanwhile, the WEF will also develop a composite index to rank the growth and business competitiveness of countries, Claros said. As there were ‘some overlaps’, Claros said, ‘‘From the next ranking exercise, there will be a composite index for measuring both the growth and business competitiveness.’’
