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India overtakes Indonesia, Philippines on competitiveness index

Prime Minister Narendra Modi unveils an action plan for encouraging startups Jan. 16, 2016. (Photo courtesy of the Indian government)

NEW DELHI -- India soared to 39th place on a global index of the most competitive economies as rated by the World Economic Forum, jumping 16 spots for the second straight year.

The South Asian country's improvement is "the largest this year," the Geneva-based forum said in its latest Global Competitiveness Index of 138 countries, which assesses aspects such as institutions, infrastructure and the macroeconomic environment as well as health and primary education. Switzerland topped the GCI for the eighth consecutive year while Japan secured the eighth position as compared with sixth last year.

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