India has moved up 25 places to rank 57th globally in a competitiveness index tracking structural and pro-competitive reforms, according to a report released by the Competere Foundation on Thursday.
The report, ‘India’s Next Growth Frontier: Reducing Anti-Competitive Market Distortions to Build on India’s 2010–2023 Reform Progress’, says India improved its global ranking from the 82nd position in 2010 to the 57th in 2023, citing progress in reducing market distortions and improving the competitive environment.
The study assesses countries through the foundation’s Market Distortions Performance Index across three parameters — protection of property rights, domestic competition and international competition.
According to the report, reforms such as the rollout of the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code (IBC), improvements in the regulatory framework and trade facilitation measures contributed to India’s improved ranking.
It also examines developments in competition policy, investment conditions, digital markets and external regulatory barriers that affect India’s integration with global trade.
The report recommends an evidence-based approach to competition policy, a review of sector-specific investment restrictions based on consumer welfare outcomes, and closer cooperation with trading partners to address regulatory barriers.
The report was released during a discussion on “India’s Reform Trajectory, Market Distortions and the Next Frontier for Growth and Competitiveness”, organised by the Centre for Trade and Investment Law (CTIL) at the Indian Institute of Foreign Trade (IIFT) in collaboration with the Competere Foundation at the India Habitat Centre in New Delhi.
The event included a keynote address by former Union government secretary and Ladakh State Election Commissioner Sudhanshu Pandey and a presentation on the report’s findings by Competere Foundation Chairman Shanker Singham. A panel comprising legal, industry, academic and policy experts discussed India’s reform trajectory, competition policy, investment climate and challenges in international trade.
