India ranked a low 40th amongst 50 most `dynamic economies'

India has been ranked at a low 40th position among 50 economies in the world in terms of "dynamism", in a list topped by Singapore.

The Global Dynamism Index (GDI), compiled by assurance, tax and advisory firm Grant Thornton, list countries in terms of economic dynamism based on 22 indicators.

The economies were ranked on the basis of business operating environment, economics and growth, science and technology, labour and human capital and financing environment.

''Singapore appears well-placed to act as a gateway for dynamic businesses from mature markets seeking the greater returns on offer in the high-growth markets of Asia. Its economy comes top for financing environment globally, and sits no lower than 11th in any of the five categories,'' the reports states.

Two Scandinavian countries, Finland and Sweden, come next.  While the euro zone crisis has clearly hurt the economies of both nations, GDI suggests their longer term growth fundamentals are robust. Both economies sit in the top three for both business operating environment and science and technology, with Finland behind only Singapore in terms of its financing environment.

Korea is the highest placed member of the Growth-8, a grouping of the largest high-growth markets. However, China is the only other member of this group, which sits in the top half of the index.