As per the year 1999 reports by both Geneva-based World Economic Forums (WEF). Global Competitiveness Report (GCR) and the Laussan. Switzerland-based International Institute for Management Development (IMD), World Competitiveness Yearbook (WCY). India still continues to remain firmly stuck near the bottom of the list in the company of virtually unknown and failing economies. India has been ranked 52 by the GCR out of 59 countries and 39 by WCY out of a universe of 47 countries. This enviable image is despite the fact that India, the fifth largest country in terms of Gross National Product (GNP) and Purchasing Power Parity (PPP) (World Bank, 1999), constitutes one of the fastest growing market in the world and is also counted among the richest in regard to cheap skilled labor, scientific and technological resources, and entrepreneurial talents.
