According to the latest growth competitiveness rankings compiled by the World Economic Forum (WEF), India is ranked 50th from a total of 117 countries.

The ranking of 117 countries covers actual data and the results of an executive opinion survey conducted by the Geneva-based organisation.

Finland continued to top the Growth Competitiveness Index (GCI) rankings for the fourth time in five years, followed by the United States, Sweden and Denmark.

In terms of the Business Competitiveness Index, India was ranked 31st in 2005 out of a total of 110 countries.

The report also said that the Indian economy has the potential to become an engine of growth for the world in the years to come.