India has slipped to 71st position, in an annual global competitiveness list, where Switzerland remains on top. As per the list, released by the Geneva-based World Economic Forum, India comes the lowest among BRICS countries. The Global Competitiveness Report 2014-15, says Switzerland is the most competitive economy, followed by Singapore and United States. China, which has improved its position by one place to 28th spot, leads the BRICS grouping.According to the WEF report, India declined in most areas assessed since 2007, most strikingly in institutions, business sophistication, financial market development and goods market efficiency. Noting that improving competitiveness will yield huge benefits for India, World Economic Forum said it will help re-balance the economy and move the country up the value chain ensuring more solid and stable growth.