Define Global Competitiveness

Competitiveness means “the ability of firm to compete with others and the desire to be more successful”. The term industrial competitiveness can be defined as “the ability of firms and industries to stay competitive and continue improving their products to compete with their competitors in the same market. Therefore competitiveness of a firm can be taken as its ability to do better than comparable firms in sales, market shares, or profitability.

Combination of various factors, policies and institution which set the productivity level of a country and then helps in describing the prosperity level attained by the economy. However the concept of industrial competitiveness is not explained by only the ability of a country 's productivity, but

WEF publish “Global competitiveness report on annual basis. In this report competitiveness index is shown by using different indicators. This report focuses on economic welfare and increasing standard of living.

The World Competitiveness Yearbook published annually by Institute for Management Development (IMD). In this year book competitiveness is computed into four groups i.e Economic performance, Govt. Efficiency, Business Efficiency and Infrastructure.

Doing Business Report focuses on the business sector to understand the availability of regulatory environment for business.

The 12 pillars of competitiveness

WEF’s annually published Global Competitiveness Report carries out respective computations of the competitiveness index by different indicators. This report focuses on economic welfare and increasing standards of living. In WEF’s Global competitiveness Report variables are grouped into 12 pillars which are as follows:

1.

However the purpose of the different policy instruments will vary depending on the type of cluster and regional needs.

Cluster policies are promoted by different policy streams, which impacts the targets and instruments used. Policy streams commonly promoting cluster-type policies include: regional economic development policy, science/ technology/innovation policy, industrial/enterprise policy, and even higher education policy. A cluster policy may be at the intersection of more than one policy stream given their increasingly shared goals.

Cluster policy explicitly or implicitly will focus on: places and actors (SMEs, large firms) and start-ups, foreign firms and investments, universities and research centres, combinations of the above, and cluster organizations). Clusters can be at different stages of development, use different knowledge and technologies,