India slid to the 56th place in the World Economic Forum's (WEF) global competiveness index this year, while last year it placed 51st.

Switzerland is at the top of the list while India's neighbour and competitor China is ranked 26.

 “The score difference between India and China has increased six-fold between 2006 and today, the gap expanding from less than 0.1 to 0.6 points,” the report held. The report said that China is one of the world’s least indebted countries and boasts of a savings rate of 53 percent of GDP, running only a moderate deficit.

Some of the findings of the study:
•    India ranks behind China (26), South Africa (50) and Brazil (53). Russia (66) is the only country among BRICS nations located far below than India.
•    India is ranked 89 among 142 countries on the infrastructure parameter.
•    India's performance in the health and education sector is worse. The country is ranked 101.
•    Corruption has plagued the country in the last several decades. According to the report, India is the 99th most-corrupt nation among 142 countries.
•    The silver lining in the report for India was in terms of sophistication in financial markets where it was ranked 21 in the world. On business sophistication and innovative nature of businesses, India was pinned at 38.

According to the report, “India continues to be penalised for its mediocre accomplishments in the areas considered to be the basic factors underpinning competitiveness.”

The WEF Global Competitiveness Report for 2011-12 ranked 142 countries in the current report. The ranking has been done for more than three decades, are based on economic data and a survey of 15,000 business executives.

The US was placed fifth, Germany came in sixth, followed by the Netherlands and Denmark. Japan took the ninth spot, and Britain was tenth. France was ranked 18 while troubled Greece fell to 90th spot.

Read the report