New Delhi: India has improved its position by 25 places in global rankings, moving from 82nd in 2010 to 57th in 2023, according to the Ministry of Commerce & Industry. The improvement has been attributed to structural and pro-competitive reforms aimed at reducing market distortions and strengthening competition.
India’s Global Ranking Improves to 57th
The Ministry cited a report by the Competere Foundation titled India’s Next Growth Frontier: Reducing Anti-Competitive Market Distortions to Build on India’s 2010-2023 Reform Progress. The report assesses India’s reform trajectory through the Market Distortions Performance Index and links the country’s improved ranking to sustained efforts to reduce market distortions.
According to the Ministry, the report highlights India’s progress in strengthening the competitive environment and improving conditions that support economic growth and global competitiveness.
Report Examines Three Key Areas of Market Distortions
The report assesses market distortions across three key pillars: protection of property rights, domestic competition and international competition.
It examines India’s reform journey and identifies several policy and regulatory changes that have contributed to the country’s progress between 2010 and 2023.
GST, IBC Among Major Reforms Highlighted
Among the major reforms highlighted in the report are the implementation of the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC).
The report also points to improvements in India’s regulatory framework and the modernisation of trade facilitation systems. Developments relating to competition, investment conditions and digital markets have also been assessed.
In addition, the report examines external regulatory barriers that can affect India’s competitiveness and participation in global trade.
Discussion Focuses on India’s Next Reform Phase
The report was launched during a discussion titled “India’s Reform Trajectory, Market Distortions and the Next Frontier for Growth and Competitiveness”.
The discussion was organised by the Centre for Trade and Investment Law (CTIL) at the Indian Institute of Foreign Trade (IIFT), New Delhi, in collaboration with the Competere Foundation for Trade and Competition Policy. The event was held at the India Habitat Centre.
The discussion examined India’s structural reform journey, measures aimed at strengthening competitiveness and the next phase of reforms required to sustain economic growth amid changes in the global trade environment.
Report Calls for Evidence-Based Competition Policy
The report emphasises the importance of an evidence-based and effects-oriented approach to competition policy. It also calls for sector-specific investment restrictions to be reviewed in light of their impact on consumer welfare.
Strengthening cooperation with like-minded trading partners to address regulatory barriers in international markets was also identified as an important area for India’s future competitiveness.
India’s Reform Journey and Global Competitiveness
India’s movement from 82nd in 2010 to 57th in 2023 reflects the progress highlighted by the report across structural and competitive reforms. The Ministry said the findings underline the importance of continued reform efforts as India seeks to strengthen its competitiveness and participation in global markets.
Source: ANI
