India slipped six spots on World Talent ranking and now ranks 59th on the IMD index which rated 63 economies on the basis of their attractiveness to develop, attract, and retain highly-skilled professionals. Just ahead of a handful of countries such as Mexico, Brazil, Venezuela, and Mongolia, India's low ranking is a result of various factors such as pollution, low quality of life, low priority of economy to attract and retain talent and low total public expenditure on education per student. "India's drop is largely the result of its performance in the Appeal factor ... The quality of life remains low at 51st, while the negative impact of brain drain in the economy remains at 31st and prioritization of attracting and retaining talents drops to 41st," the report said on Monday.
Further, the country is spending less on education per student and ranks 61st on the parameter. India's quality of education also remains dismal with a big pupil-teacher ratio in primary and secondary education. The country spent 4.4% of its GDP on education. India also lags behind fellow BRICs nations with China ranking 42nd and South Africa's 50th position and Russia ranking 47th on the list.
On the other hand, Switzerland has topped the chart, followed by Denmark, Sweden, Austria and Luxembourg. Most of the top positions were taken by European small and mid-size economies. "These countries all share high levels of investments in education and superior quality of life," the IMD report said. Further, countries such as Sweden have managed to lead the chart owing to improvements in total public expenditure on education and "the prioritization of talent attraction and retention in the private sector," IMD said.
"Most leading economies emphasize long-term talent development by focusing on investment and development. This emphasis, however, goes beyond purely academic aspects to encompass the effective implementation of apprenticeships and employee training. Professor Arturo Bris, Director of the IMD World Competitiveness Center said.