Standing right at the top, rising three ranks is Switzerland. The other big rise has come from Sweden, which rose from 7 to 3. The biggest fall in the top 10 has come in the United States, which fell from being the most competitive economy last year to No. 6 this year.

At the bottom of the list are Angola, Burundi, Chad, Timor-Leste and Mozambique.

The global competitiveness index (GCI) “provides a holistic overview of factors that are critical to driving productivity and competitiveness”. It is these nine factors (See table) that finally are put together and based on which countries are ranked.

India scores well on innovation factors (rank 26) - with “business sophistication” and “innovation” being ranked 25 and 26 respectively. The best in this category is Japan, followed by Switzerland, Germany, the US and Sweden. China, at 57, is way down.

What has pulled down India’s score is its “basic requirements.” At 60, it is far below China’s 44 or the US’s 27. Within this, India’s worst scores come, predictably, in the areas of “health and primary education” (rank 93) and macroeconomy (88).

Infrastructure, which we tend to discount more heavily, is not doing so badly (rank 60), while the country scores relatively well in its “institutions” (rank 34).

In the area of “efficiency enhancers,” at 41, India is ranked close to its total ranking. Interestingly, while leading the world in technology, the country’s “technological readiness” is low (rank 55). So is “higher education and training” (rank 49). But “market efficiency,” at 21, is high.