India has fallen a few notches in the latest Global Competitiveness Index released by the World Economic Forum.

India’s rank fell to 48 in the 2007-2008 GCI Index behind former Communist nations like Hungary, Czech Republic, Slovak Republic and Latvia.

Last year India fared better with a rank of 42.

The United States maintained its status as the most competitive economy in the world.

Switzerland is in second position followed by Denmark, Sweden, Germany, Finland and Singapore respectively.