MeraNews Network, New Delhi: India has been ranked as the 58th most competitive economy on the World Economic Forum's global competitiveness index for 2018. The WEF said India's rank rose by five places from 2017, the largest gain among G20 economies.

According to the report, the top performers in the "upper and lower-middle-income brackets", India is catching up with or even outperforming the average among high-income economies.

As per the report, India leads the region in all other areas of competitiveness except for health, education, and skills. It further added that India has invested more heavily in transport infrastructure and services. As per the report, India's greatest competitive advantages include its market size and innovation.

On the list of 140 economies, the US topped the list followed by Singapore and Germany. Among the BRICS economies, China topped the list at 28th place. India, however, remained the "South Asia's main driving force".

The World Economic Forum's Global Competitiveness Index 4.0 is a composite indicator that assesses the set of factors that determine an economy's level of productivity - widely considered as the most important determinant of long-term growth.