"Health, technology and innovation are pillars for Global competitiveness." Comment.

CS Professional · International Business – Laws and Practices · PYQS · December 2019
"Health, technology and innovation are pillars for Global competitiveness." Comment.

Answer & Explanation:

It is correct to say that health, technology and innovation are pillars to global competiveness. If one wants to compete in the global market we can say "a healthy mind in a healthy body". A healthy mind can think of innovation & competitive strategy with the help of technology. The above statement can be supported by following statistics: The World Economic Forum (WEF) on October 16, 2018 released the Global Competitiveness Report 2018. The report publishes the Global Competitiveness Index, ranking 140 countries on the basis of 98 indicators organized into 12 pillars which are Institutions; Infrastructure; ICT adoption; Macroeconomic stability; Health; Skills; Product market; Labour market; Financial system; Market size; Business dynamism; and Innovation capability. India was ranked as the 58th most competitive economy with a score of 62.0 on the Global Competitiveness Index 2018. India jumped five spots from 2017, the largest gain among G20 economies. Health has always been an area of concern for our Government and country as a whole. Education is the precursor to this. The PM-JAY Health Insurance Scheme could be an excellent tool toward the health measures which we need to take to become a developed nation. Technology is yet another important pillar. To become more competitive, we need technological tools. The ICT initiative launched by the Government would bring the country a step closer to better competitiveness. Innovation is linked to technology. It could even be non-technological. In this year's ranking, India improved its position from 66 to 60.

Topics: International Business Environment

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