India fares badly on tax, inflation: Ranks third best in market size: WEF report
A WEF (World Economic Forum report came out with some data which is not favourable for India Inc. India is among the worst- ranked countries when it comes to taxation and inflation burden on the economy. Crime, terrorism and health hazards also have a negative impact on the business environment.
Out of 144 countries analysed by the World Economic Forum, India ranks 133rd in terms of inflation, 130th for taxes and 131st for starting a business. The strength of auditing and reporting standards also is very low in the country and it was placed 102nd rank. In terms of electricity and telephony infrastructure it at 118 and quality of electricity supply 103.
The performance review was based on 12 pillars and India was ranked among the best economies in the world only in one aspect market size. India was ranked third globally in the aspect of market size looking at the huge population of India. A rank of 1-7 is considered among best in the world.
In terms of other “pillars” India was ranked at the 70th place in terms of institutions, infrastructure (87th), macro-economic environment (101), health and primary education (98), higher education and training (93), goods market efficiency (95), labour market efficiency (112), financial market development (51), technological readiness (121), business sophistication (57) and innovation (49).
Other major factors affecting the competitiveness of India include health hazards like Malaria and Tuberculosis, HIV/AIDS and infant mortality.
Source- Financial Chronicle
business sophistication, financial market development, goods market efficiency, Inflation, innovation, labour market efficiency, Tax, technological readiness, WEF, WEF report, World Economic Forum
