Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Politics / Policy/  Global Human Capital Index: India ranks 103, lowest among BRICS economies
BackBack

Global Human Capital Index: India ranks 103, lowest among BRICS economies

India has been placed at a low 103 rank, the lowest among BRICS economies, on the WEF's Global Human Capital Index, which has been topped by Norway

Among the South Asian countries also, India was ranked lower than Sri Lanka and Nepal, although higher than neighbouring Bangladesh and Pakistan. Photo: MintPremium
Among the South Asian countries also, India was ranked lower than Sri Lanka and Nepal, although higher than neighbouring Bangladesh and Pakistan. Photo: Mint

New York: India has been placed at a low 103 rank, the lowest among BRICS economies, on the WEF’s Global Human Capital Index, which has been topped by Norway.

India also ranks “among the lowest in the world" when it comes to the employment gender gap, but has fared well when it comes to development of skills needed for the future with a rank of 65 out of total 130 countries surveyed.

The list compiled by Geneva-based World Economic Forum (WEF) takes into account “the knowledge and skills people possess that enable them to create value in the global economic system" to measure the ‘human capital’ rank of a country.

India was ranked 105th on this list last year, while Finland was on the top which has pushed by Norway to second place this year.

The WEF said India is ranked lower than its BRICS peers, with Russian Federation placed as high as 16th place, followed by China at 34th, Brazil at 77th and South Africa at 87th place.

Among the South Asian countries also, India was ranked lower than Sri Lanka and Nepal, although higher than neighbouring Bangladesh and Pakistan.

“India is held back by a number of factors, including low educational attainment (primary education attainment among 25 -54 year olds is 110th for example) and low deployment of its human capital, meaning the skills available are not getting put to good use", WEF said.

Giving examples, WEF said India ranks 118 for labour force participation among the key 35-54 year old demographic, suggesting far too many Indians are engaged in informal or subsistent employment.

“However there is a modern India rising. When it comes to development of skills needed for the future, the country fares strongly, ranking 65 out of 130," it said adding the country also performed well in the know-how parameter that measures the use of specialised skills at work.

“India faces a number of challenges but looks to be moving in the right direction," WEF noted. The overall list was topped by Norway, followed by Finland and Switzerland in the second and third place respectively.

Other countries in the top 10 include, the United States (4th), Denmark (5th), Germany (6th), New Zealand (7th), Sweden (8th), Slovenia (9th) and Austria (10th).

The report measures 130 countries against four key areas of human capital development; Capacity (determined by past investment in formal education), Deployment (accumulation of skills through work), Development (continued upskilling and reskilling of existing workers) and Know-how (specialised skills-use at work).

According to the report, 62% of human capital has now been developed globally.

“The Fourth Industrial Revolution does not just disrupt employment, it creates a shortfall of newly required skills. Therefore, we are facing a global talent crisis," said Klaus Schwab, founder and executive chairman, World Economic Forum. Schwab further noted that “we need a new mind-set and a true revolution to adapt our educational systems to the education needed for the future work force".

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Politics News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 13 Sep 2017, 03:45 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App