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IMD's 2023 World Talent Ranking: India Slips To 56th Place Due To Education And Talent Export Challenges
While the report acknowledges India's infrastructure improvements, it underscores the need for further enhancement in talent competitiveness
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The International Institute for Management Development (IMD) has released its 2023 World Talent Ranking, revealing that India has fallen four spots to 56th out of 64 economies, compared to its 52nd position in 2022. While the report acknowledges India's infrastructure improvements, it underscores the need for further enhancement in talent competitiveness.
On a positive note, India's talent pool is praised for its agility, tech-savviness, and readiness for the future. Indians are seen as well-prepared for global roles, thanks to their linguistic diversity and international exposure.
Professor Arturo Bries, Director at IMD World Competitiveness Center, stressed, "Talent competitiveness, alongside substantial infrastructure investments, is crucial for a nation's long-term success."
The IMD World Talent Ranking considers various factors, including quality of life, statutory minimum wage, and primary and secondary education. India fares reasonably well in future readiness, ranking 29th. However, the report highlights India's weak educational system, ranking it second to last (63rd) in quality. This is attributed to unequal access to education, particularly in rural areas, and insufficient investment. Professor Bries added, "Increasing investment in education is a straightforward solution that requires strong political commitment, as it is the most critical investment a country can make."
India faces another challenge with a high talent export, leading to a ranking of 53rd out of 64 countries in 2023. To retain talent domestically, comprehensive policies are needed, including salary increases and improvements in quality of life, safety, and environmental friendliness.
Switzerland tops the IMD World Talent Ranking 2023, with Luxembourg in second place, followed by Iceland, Belgium, and the Netherlands. The United States is ranked 15th, while China is at 41st place, and the UK ranks 35th. Brazil (63rd) and Mongolia (64th) occupy the bottom two spots.
