India, Oct. 9 -- India has come down by 10 places to rank 68th in the annual Global Competitiveness Index compiled by Geneva-based World Economic Forum (WEF) from 58th rank earlier. It is mainly due to improvements witnessed by several other economies. The WEF added that the country is among the worst-performing BRICS nations along with Brazil (ranked even lower than India at 71st this year). Though, Singapore has replaced the US as the world's most competitive economy.

The Forum said India ranks high in terms of macroeconomic stability and market size, while its financial sector is relatively deep and stable despite the high delinquency rate, which contributes to weakening the soundness of its banking system. The country is ranked also h...