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Economic & Business Rankings

Introduction

The pattern "Economic & Business Rankings" is crucial for competitive exams like SSC CGL, IBPS PO, RBI Grade B, and RRB NTPC as it tests candidates' awareness of India's position and global standings in various economic and business indices. Questions often focus on India's rankings in GDP, Ease of Doing Business, Global Innovation Index, and other key economic reports released recently.

Pattern: Economic & Business Rankings

Pattern

This pattern tests knowledge of India's and other countries' positions in recent economic and business-related global rankings and indices.

Key Concept:

Economic and business rankings reflect a country's performance in areas such as economic growth, ease of doing business, innovation, competitiveness, and investment climate.

Important Points:

  • GDP Ranking = India is the 5th largest economy by nominal GDP as per IMF World Economic Outlook October 2024.
  • Ease of Doing Business = India improved to 63rd in the World Bank's 2020 report (program discontinued thereafter).
  • Global Innovation Index = India ranked 39th in 2024, showing steady improvement in innovation capabilities.

Related Topics:

  • World Bank Ease of Doing Business Report
  • IMF World Economic Outlook
  • Global Competitiveness Report

Step-by-Step Example

Question

As per the World Bank's Ease of Doing Business Report 2020, what is India's rank among 190 countries?

Options:

  • A. 48th
  • B. 63rd
  • C. 72nd
  • D. 85th

Solution

  1. Step 1: Identify the report and year

    The question refers to the World Bank's Ease of Doing Business Report for the year 2020 (last report).

  2. Step 2: Recall India's rank

    India improved its position to 63rd among 190 countries in the 2020 report, reflecting reforms in business regulations.

  3. Step 3: Compare with other options

    48th and 72nd are ranks from previous years or other countries; 85th is outdated.

  4. Final Answer:

    63rd → Option B

  5. Quick Check:

    Ease of Doing Business India rank = 63rd ✅

Quick Variations

This pattern may appear as questions on India's GDP rank globally (5th), India's position in the Global Innovation Index 2024 (39th), or rankings in the Global Competitiveness Report. Sometimes, questions focus on India's rank improvement or decline compared to previous years.

Trick to Always Use

  • Remember India's Ease of Doing Business rank by associating 63 with reforms achieved.
  • Link GDP rank (5th) with India's growing economy to quickly eliminate lower ranks.

Summary

Summary

  • India ranked 63rd in Ease of Doing Business Report 2020.
  • India is the 5th largest economy by nominal GDP (IMF 2024).
  • India ranked 39th in the Global Innovation Index 2024.

Remember:
“63 Ease (2020), 5th GDP, 39 Innovation” for quick recall in exams.

Practice

(1/5)
1. As per the International Monetary Fund (IMF) World Economic Outlook October 2024, what is India's rank in the global nominal GDP list?
easy
A. 3rd
B. 4th
C. 6th
D. 5th

Solution

  1. Step 1: Identify the ranking and source

    The question asks about India's nominal GDP rank according to the IMF World Economic Outlook October 2024.

  2. Step 2: Recall India's nominal GDP rank

    India is ranked 5th globally in nominal GDP as per the IMF report.

  3. Final Answer:

    5th → Option D

  4. Quick Check:

    India nominal GDP rank = 5th ✅
Hint: Remember India is in top 5 but not top 3 in nominal GDP.
Common Mistakes: Confusing India's rank with China (2nd) or USA (1st).
2. According to IMD World Competitiveness Ranking 2024, what was India's rank among 67 economies?
easy
A. 35th
B. 39th
C. 43rd
D. 48th

Solution

  1. Step 1: Identify the ranking and source

    The question asks about IMD World Competitiveness Ranking 2024.

  2. Step 2: Recall India's rank

    India ranked 39th among 67 economies in 2024.

  3. Final Answer:

    39th → Option B

  4. Quick Check:

    IMD Competitiveness India rank = 39th ✅
Hint: Associate IMD Competitiveness with 39 for India 2024.
Common Mistakes: Mixing up with WEF Global Competitiveness or previous ranks.
3. In the Global Innovation Index 2024, what position did India secure among the countries ranked?
easy
A. 35th
B. 45th
C. 39th
D. 50th

Solution

  1. Step 1: Understand the index and year

    The question is about India's rank in the Global Innovation Index 2024.

  2. Step 2: Recall India's rank

    India was ranked 39th in the Global Innovation Index 2024, showing steady improvement.

  3. Final Answer:

    39th → Option C

  4. Quick Check:

    Global Innovation Index India rank = 39th ✅
Hint: Remember 39 as India's innovation rank in 2024.
Common Mistakes: Confusing with 40th from 2023.
4. According to the World Economic Forum's Global Competitiveness Report 2019, what was India's rank among 141 countries?
medium
A. 62nd
B. 68th
C. 72nd
D. 78th

Solution

  1. Step 1: Identify the report and year

    The question relates to India's rank in the Global Competitiveness Report 2019 by the World Economic Forum (last edition).

  2. Step 2: Recall India's rank

    India was ranked 68th among 141 countries in the 2019 report.

  3. Final Answer:

    68th → Option B

  4. Quick Check:

    Global Competitiveness India rank = 68th (2019) ✅
Hint: Think of 68 as India's WEF competitiveness rank.
Common Mistakes: Confusing with ranks from other reports like Ease of Doing Business.
5. In the 2023 Logistics Performance Index by the World Bank, what rank did India achieve among 139 countries?
medium
A. 42nd
B. 35th
C. 52nd
D. 60th

Solution

  1. Step 1: Understand the index and year

    The question asks about India's rank in the Logistics Performance Index 2023 by the World Bank.

  2. Step 2: Recall India's rank

    India secured the 42nd position among 139 countries, showing progress in logistics efficiency.

  3. Final Answer:

    42nd → Option A

  4. Quick Check:

    Logistics Performance Index India rank = 42nd ✅
Hint: Remember 42 as India's logistics rank in 2023.
Common Mistakes: Mixing up with other rankings like Global Competitiveness or Ease of Doing Business.

Mock Test

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