The IMD global business school has released the latest rank list of countries. The ranking comes for their ability to attract, develop and retain talent and India has climbed up the ladder since last year with a global rank of 51. Switzerland has topped the list, closely followed by Denmark and Belgium.
INDIA AT NO 51: The Reason
However, India has not been successful in terms of investment in education as a percentage of GDP. According to the rank list by IMD, it ranked among the bottom five countries in the world in this aspect.
“India needs to emphasise the education system as a key to prosperity. It also needs to prevent brain drain by providing better opportunities to local talent,” says Arturo Bris, Head of Competitiveness, IMD Switzerland.
Bris commented that India needs to do a better job of attracting foreign labour and retaining local talent. He stated that factors like remuneration levels, quality of life and property rights are hindering domestic employment and that investment in education is weak
IMD Switzerland Chief Economist Christos Cabolis commented that India has the potential to thrive in the digital economy. He states that India has the necessary domestic talent pool with its labour growth, emphasising that science is necessary in schools and that the country needs to work on investing in all levels of education and mastering competence in job.
THE TOP RANKERS
Among the top ten were Austria, Finland, Netherlands, Norway, Germany, Sweden and Luxembourg. European nations dominated the rankings.
China took the lead among BRICS nations, ranking at 40, followed by Russia at 43 and South Africa at 48. Among Asian economies, Singapore, Hong Kong and Taiwan took the top positions by attracting and retaining high skilled workers, even though European nations have the higher footing in this regard.
