India Falls Down Four Positions In World Talent Rankings
Switzerland tops the list, with Luxembourg in second place, followed by Iceland, Belgium and the Netherlands
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India has fallen four spots to 56 in 2023 compared to its 52 position in 2022 in world talent rankings released by the International Institute for Management Development (IMD). A total of 64 economies are ranked in the list.
While the report acknowledged India's infrastructure improvements, it underscored the need for further enhancement in talent competitiveness. However, India's talent pool is praised for its agility, tech-savviness, and readiness for the future. Indians are seen as well-prepared for global roles, thanks to their linguistic diversity and international exposure, it added.
"Talent competitiveness and substantial infrastructure investments are crucial for a nation's long-term success," said Arturo Bries, Director, IMD World Competitiveness Centre.
The IMD ranking considers various factors, including quality of life, statutory minimum wage, and primary and secondary education. India fares reasonably well in future readiness, ranking 29th. However, the report highlighted India's weak educational system, ranking it second to last (63rd) in quality. This is attributed to unequal access to education, particularly in rural areas, and insufficient investment.
Notably, India faces another challenge with a high talent export, leading to a ranking of 53 out of 64 countries in 2023. It suggested that comprehensive policies are needed to retain talent domestically, including salary increases and improvements in quality of life, safety, and environmental friendliness.
Meanwhile, Switzerland topped the list with Luxembourg in second place, followed by Iceland, Belgium, and the Netherlands. The United States is ranked 15, while China is at 41 and the UK ranks 35.
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