Iceland has once again topped the rankings followed by Norway and Finland at second and third spots, respectively.
Last year, India was ranked 114 among 142 countries. Even though its place has improved, India is still behind major economies including the US (28) and China (91).
Other countries in the top ten are Sweden (4), Ireland (5), Rwanda (6), the Philippines (7), Switzerland (8), Slovenia (9) and New Zealand (10).
"India this year improves on its 114th position in 2014 mainly on the back of stronger representation of women in political leadership.
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"Having more than doubled the number of women in ministerial positions (from 9 per cent to 22 per cent), the country is now the most improved country in the region," WEF said in the report released today.
The women ministers in Prime Minister Narendra Modi-led government include External Affairs Minister Sushma Swaraj, Human Resource Development Minister Smriti Irani, Women and Child Welfare Minister Maneka Gandhi and Minority Affairs Minister Najma Heptulla.
Meanwhile, for political empowerment, where the country is at the ninth place, India's ranking with respect to other aspects are relatively low.
In terms of economic participation and opportunity, India is placed 139th, educational attainment (125), health and survival (143).
Noting that the country's record in economic participation and opportunity leave as much to be desired, the report said India's position in this regard has slipped "another five places to 139 out of 145 in this year's report, putting it at the lowest position since we began measuring the gender gap in 2006".
In health and survival, another of our four pillars, India has also regressed over the past decade - this year it ranks 143 out of 145, with the same (143) ranking for one of the sub-indicators, sex ratio at birth, ahead of only China and Armenia," it added.
The WEF report said South Africa ranking is supported by
strong scores on political participation. "Russia (75) is next, followed by Brazil (85) which lost 14 places this year due to growing wage gaps and a decline in the number of women in ministerial level positions," it added.
WEF said the gap between men and women in health, education, economic opportunity and political representation has closed by 4 per cent in the past 10 years.
"In economic terms, the gap has closed by only 3 per cent with progress towards wage equality and labour force parity stalling markedly since 2009/2010," it noted.
According to the report, the slow pace of progress in bridging the gap in economic opportunity between women and men means that women are only now earning the amount men did in 2006, the year that the Global Gender Gap was first produced.