India has climbed up 10 notches on the World Competitiveness Scoreboard and has ranked 29 due to its technological achievements and booming services sector.
The ranking, published by Switzerland-based International Institute of Management Development, takes into account 61 countries and regional economies.
Commenting on the ranking, published in the World Competitiveness Yearbook, industry body Progress, Harmony and Development Chamber of Commerce and Industry said in a statement, the task before the government now is to meet the standards and expectations of a buoyant economy.
China has improved its position from that of last year's 31 to this year's 19.
The United States is still the world's most competitive economy, while Venezuela is the least competitive country in the ranking, according to the yearbook.
The ranking is based on 312 criteria spanning four areas of economic performance, government efficiency, business efficiency and infrastructure.
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