India has advanced 25 places in the global rankings, from 82nd to 57th.
NEW DELHI — India has advanced 25 places in the global rankings, from 82nd to 57th, reflecting significant progress in structural and pro-competitive reforms between 2010 and 2023, according to a report released by the Competere Foundation, the government said on Thursday.
The report assesses India's performance under its 'Market Distortions Performance Index', examining the country's reform trajectory between 2010 and 2023, and attributes the improvement to sustained efforts in reducing market distortions and strengthening competitiveness.
The report, titled 'India's Next Growth Frontier: Reducing Anti-Competitive Market Distortions to Build on India's 2010–2023 Reform Progress,' was launched at a discussion organised by the Centre for Trade and Investment Law (CTIL), Indian Institute of Foreign Trade (IIFT), New Delhi, in collaboration with the Competere Foundation for Trade and Competition Policy, here.
The report evaluates market distortions across three broad pillars — property rights protection, domestic competition and international competition. It highlights reforms such as the implementation of the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code (IBC), improvements in the regulatory environment and the modernisation of trade facilitation systems.
It also examines developments relating to competition, investment conditions, digital markets and external regulatory barriers affecting India's competitiveness and participation in international trade, according to Commerce Ministry.
The report also underlines the importance of maintaining an evidence-based and effects-oriented approach to competition policy, reviewing sector-specific investment restrictions in light of consumer welfare outcomes and strengthening cooperation with like-minded trading partners to address regulatory barriers in international markets.
The discussion at the launch event focused on India's structural reform journey, policy measures to enhance competitiveness, and the next phase of reforms required to sustain growth in an evolving global trade environment.
The inaugural session commenced with welcome remarks by Professor and Head, Centre for Trade and Investment Law (CTIL), Dr James J. Nedumpara, who highlighted the importance of assessing India's reform trajectory in the context of global competitiveness and international trade. This was followed by a presentation on the report's key findings by Chairman and President of the Competere Foundation for Trade and Competition Policy, Shanker Singham.
A panel discussion brought together experts from the legal, industry, academic and policy communities to deliberate on India's reform experience, competition policy, investment climate, market distortions and emerging challenges in international trade. The programme concluded with an interactive question-and-answer session.
The event brought together representatives from the legal, academic, industry and policy communities to discuss policy measures for strengthening India's competitiveness, productivity and integration with the global economy.