The state government of Andhra Pradesh signed a pact with World Economic Forum (WEF) on Wednesday. As per the pact, WEF will help AP gauge its strengths and weaknesses. The Memorandum of Understanding (MOU), signed during the National Strategy Day on India event of WEF, sets platform for a future collaboration that will allow the state government and its partners to assess competitiveness.
Through the use of the WEF’s Global Competitiveness Index (GCI), the Andhra Pradesh government and its partners will assess the competitiveness – both strengths and weaknesses – of the state’s economy. The assessment will provide key data for the design of evidence-based policies and reforms, and allow comparison with other economies of similar size or at a similar stage of development.
“Collaboration with the World Economic Forum will provide us with the methodology, tools and knowledge to design better policies. Identifying and measuring bottlenecks to growth and prosperity are critical steps for the State of Andhra Pradesh to fulfill its ambitions,” AP CM Chandrababu Naidu said.
The methodology used to assess Andhra Pradesh’s competitiveness will draw on the GCI, which measures a set of factors and policies that together determine an economy’s level of productivity and its ability to prosper. The assessment is based on the performance in 12 categories: institutions; infrastructure; macroeconomic stability; health and primary education; higher education and training; goods market efficiency; labour market efficiency; financial sector development; technological readiness; market size; business sophistication; and innovation.
The Forum will provide technical support and help train government staff on GCI methodology, data collection and interpretation of results, with the goal of building capacity for the Government of Andhra Pradesh and its partners to carry out competitiveness assessments independently and on a regular basis.
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