Relevance: Mains: G.S paper II: Polity: International Institutions and Index
Launched for the first time in 2013, the Global Talent Competitiveness Index (GTCI) is an annual benchmarking report that measures the ability of countries to compete for talent.
With this sixth edition addressing the theme of “Entrepreneurial Talent and Global Competitiveness”, GTCI aims to advance the current debate around entrepreneurial talent, providing practical tools and approaches to leverage the full potential of individuals and teams as an engine and a basis for innovation, growth, and ultimately competitiveness.
One of the key working assumptions on which this report is based is that entrepreneurial talent cannot be reduced to some innate quality found in successful business founders and leaders. It should rather be regarded as an input to growth, innovation, and employment creation that can be measured and nurtured.
There are conditions underwhich entrepreneurial talent can thrive and be stimulated. There are others under which it will be stifled, to remain an untapped or wasted resource.
Multiple examples exist around the world of successful waysto generate, grow, attract and retain entrepreneurial talent, from entrepreneurs, from employers and from governments. Such examples deserve due consideration, as well as the ways inwhich they can be adapted to specific local contexts.
The report, which covers 125 economies and 114 cities, is based on research conducted by INSEAD in partnership with The Adecco Group and Tata Communications.
Why in news?
- India has climbed eight places to 72nd rank in the 2020 Global Talent Competitiveness Index (GTCI),
- It was topped by Switzerland, the US and Singapore.
Key highlights of the report:
- The GTCI report compiled by INSEAD, in collaboration with human resource firm Addeco and Google, was released in Davos, Switzerland
- Report noted that the gap between high income, talent-rich nations and the rest of the world is widening
- The country’s highest-ranked sub-pillar is employability, but the ability to match labour market demand
and supply stands in contrast to the country’s poor “mid-level skills”, which result in a mediocre score in vocational and technical skills. - In the BRICS grouping, China was ranked 42nd, Russia (48th), South Africa (70th) and Brazil at 80th position.
- This year’s GTCI report explores how the development of artificial intelligence (AI) is not only changing the nature of work but also forcing a re-evaluation of workplace practices, corporate structures and innovation ecosystems.