According to the World Economic Forum (WEF) report released in January 2018, what is the position of India in the list of 100 countries in its Global Manufacturing Index (GMI)?
30th
Understanding India's Position in the Global Manufacturing Index
The question asks about India's ranking in the World Economic Forum's (WEF) Global Manufacturing Index (GMI) as reported in January 2018. This index assesses the readiness of 100 countries for the future of production, considering factors like advanced technologies, human capital, sustainable resources, and market size.
World Economic Forum (WEF) and Global Manufacturing Index (GMI)
The World Economic Forum is an international organization known for its annual meeting in Davos, Switzerland. It publishes various reports on global issues, including economic competitiveness, technological readiness, and environmental sustainability. The Global Manufacturing Index is one such report, providing insights into the manufacturing capabilities and future potential of different countries.
The GMI evaluates countries based on two components: 'Structure of Production' and 'Drivers of Production'.
- Structure of Production: This assesses the current scale and complexity of a country's manufacturing base.
- Drivers of Production: This evaluates the factors that enable future production growth and innovation, such as technology, human capital, institutional framework, and sustainable environment.
India's Rank in the 2018 GMI Report
According to the World Economic Forum report released in January 2018, which covered a list of 100 countries, India held a specific position in the Global Manufacturing Index.
The report positioned countries into four groups based on their structure and drivers of production: Leading, High Potential, Legacy, and Nascent. India was placed in the 'Legacy' group, indicating it had a strong current production base but needed improvements in the drivers of future production.
The specific ranking of India among the 100 countries in this report was:
India's position in the WEF Global Manufacturing Index (GMI) in January 2018 was 30th.
Here is a summary of the key information:
| Index | Reporting Body | Year of Report | Number of Countries | India's Rank |
|---|---|---|---|---|
| Global Manufacturing Index (GMI) | World Economic Forum (WEF) | January 2018 | 100 | 30th |
This ranking placed India behind several other developing and developed economies but highlighted its potential for growth if focus was given to improving the 'Drivers of Production'.
Significance of the Ranking
Understanding India's position in the Global Manufacturing Index helps assess the state of its manufacturing sector relative to other nations. A higher ranking indicates stronger current capabilities and potential for future growth. India's 30th rank in 2018 suggested a solid foundation but also pointed towards areas needing development to compete effectively in the evolving global manufacturing landscape.
Revision Table: Global Indices and India's Position
| Index / Report | Issuing Body | Focus Area | Year (Relevant to Question) | India's Position (Relevant to Question) |
|---|---|---|---|---|
| Global Manufacturing Index (GMI) | WEF | Readiness for Future of Production | January 2018 | 30th (among 100 countries) |
| Other WEF reports (Examples) | WEF | Global Competitiveness, Travel & Tourism Competitiveness, etc. | Various | Varies by report and year |
Additional Information: World Economic Forum and Manufacturing
The World Economic Forum plays a significant role in bringing together leaders from various sectors to discuss global economic and social issues. Their reports, like the Global Manufacturing Index, are valuable resources for policymakers and businesses.
Key aspects related to this topic include:
- Future of Production: WEF emphasizes the impact of the Fourth Industrial Revolution on manufacturing, including automation, AI, and advanced materials.
- Drivers of Future Production: These typically include technology & innovation, human capital, sustainable resources, institutional framework, demand environment, and global trade & investment. Countries need strong performance in these areas to improve their GMI ranking.
- Benchmarking: The GMI allows countries to benchmark their manufacturing capabilities against others, identify strengths, and address weaknesses.
- Policy Implications: The findings of the report often inform government policies aimed at boosting manufacturing competitiveness and attracting investment. For India in 2018, the 'Legacy' group status suggested a need to focus on improving the drivers for future production, such as technology adoption and skill development.
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