According to the 2013 Global Manufacturing Competitiveness Index compiled by Deloitte Touche Tohmatsu and the US Council on Competitiveness, five years from now, emerging economies would surge to occupy the top three spots.

China would retain the top spot, while, India and Brazil moving up to claim second and third rankings respectively, the report said.

"India's focused and comprehensive national manufacturing strategy, democratic governance and infrastructure development over the next five years may unlock the potential for CEOs around the world to see this rising star," the report said.

The five developed economy nations that were ranked in the top 10 today include -- Germany (2nd), the US (3rd), South Korea (fifth), Canada (seventh) and Japan (tenth), while five emerging economy nations were also ranked in the top 10 today:

China (first), India (fourth), Taiwan (sixth), Brazil (eighth), and Singapore (ninth).

Meanwhile, in the next five years developed economy nations are likely to slip lower in the executive rankings with Germany moving from second to fourth, the US from third to fifth, South Korea from fifth to sixth, Canada from seventh to eighth and Japan falls out of the top 10 moving from tenth to twelfth.

Brazil's jump from eighth to third is the largest jump expected over the next five years. And, Vietnam moves into the top 10 as the tenth most competitive nation.

According to the report talent-driven innovation is deemed the most critical driver of a nation's competitiveness, while, second most important driver position is the economic, trade, financial and tax system of a nation.