India ranks 51 in World Talent Rankings 2017: How good are we in attracting, developing, retaining talent?
You've heard it said ad nauseam that India's trump card is its working age population, expected to balloon to over a billion by 2050. But, obviously, this demographic dividend won't pay off automatically. So how good is India in attracting, developing and retaining talent?
Pretty bad, as it turns out. Though the country managed to climb up three notches to 51st place on the annual World Talent Ranking compiled by IMD-a leading global business school-the report shows us in pretty poor light overall. The rankings are based on a country's performance in three main categories: Investment and development, appeal, and readiness. India ranked 62 (second last on the list, and 2 places lower than the previous year's rankings), 43 and 29 on these parameters, respectively.
According to Arturo Bris, Head of Competitiveness, IMD Switzerland, India is not doing a good job at retaining local talent and attracting foreign labour. Not only are remuneration levels, quality of life, security and property rights a deterrent to domestic employment, but investment in education remains weak relative to other economies. India ranks among the bottom five countries on the list in terms of investment in education as a percentage of GDP, the study found out.
Many of our neighbours have fared far better on the World Talent Ranking. Republic of Korea ranked 39 followed by China, and Thailand came in at 42nd place. Philippines, which jumped up 10 ranks, has overtaken India, too. In the BRICS bloc, only Brazil trailed India, by one rank.
Of the top 15 slots in the rankings, 11 are European countries. And IMD has credited the outstanding education systems of those nations for this success. As Bris explained, "India needs to emphasise the education system as a key to prosperity. It also needs to prevent brain drain by providing better opportunities to local talent."