BackIndia slips 4 spots to 56th position in 2023 World Talent Ranking: IMD
The IMD in its report mentions that India needs comprehensive policies, including salary increases and improvements in quality of life, safety, and environmental friendliness to retain talent domestically.
PremiumOut of 64 economies, India has slipped four spots to 56th position, compared to its 52nd position in 2022, in the 2023 World Talent Ranking, according to the International Institute for Management Development (IMD) release.
Though the report, released on 27 September, acknowledges India's infrastructure improvements, it underscores the need for further enhancement in talent competitiveness.
However, the IMD praised India's talent pool 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," the report.
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"Talent competitiveness, alongside substantial infrastructure investments, is crucial for a nation's long-term success," said IMD World Competitiveness Center Director Professor Arturo Bries.
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The IMD World Talent 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 highlights 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.
Professor Bries added, "Increasing investment in education is a straightforward solution that requires strong political commitment, as it is the most critical investment a country can make."
The IMD in its report mentions that India needs comprehensive policies, including salary increases and improvements in quality of life, safety, and environmental friendliness to retain talent domestically.
In the IMD World Talent Ranking 2023, Switzerland ranked on top, while Luxembourg was in second place, followed by Iceland, Belgium, and the Netherlands.
The United States is ranked 15th, while China is at 41st place, and the UK ranks 35th. Brazil (63rd) and Mongolia (64th) occupy the bottom two spots.
In October, IMD is planning to release the Hinrich-IMD Sustainable Trade Index, while in November, it will release the IMD World Digital Competitiveness Ranking, following earlier releases of the IMD World Competitiveness Ranking and the IMD Smart City Index.
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