India Climbs to 57th in Global Reform Rankings
Competere Foundation report credits structural reforms and reduced market distortions for India's 25-place jump
- India improves from 82nd to 57th in global Market Distortions Performance Index.
- Report credits GST, IBC and regulatory reforms for improved competitiveness.
- Study highlights progress in property rights, domestic and international competition.
- Experts call for continued reforms to sustain growth and global integration.
GG News Bureau
New Delhi, 30th July: India has climbed 25 places in global rankings on structural and pro-competitive reforms, moving from 82nd in 2010 to 57th in 2023, according to a report released 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 attributes the improvement to sustained efforts in reducing market distortions and strengthening competitiveness across the economy.
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 study evaluates India’s performance under the Market Distortions Performance Index across three broad pillars—property rights protection, domestic competition and international competition.
According to the report, reforms such as the implementation of the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code (IBC), improvements in the regulatory framework and modernisation of trade facilitation systems have contributed significantly to India’s improved ranking.
The report also examines developments in competition policy, investment conditions, digital markets and external regulatory barriers affecting India’s participation in global trade.
Speaking at the event, CTIL Head James J. Nedumpara highlighted the importance of assessing India’s reform trajectory in the context of international trade and global competitiveness.
Former Union Secretary and Ladakh State Election Commissioner Sudhanshu Pandey delivered the keynote address, while Competere Foundation Chairman Shanker Singham presented the report’s key findings.
The report recommends an evidence-based approach to competition policy, review of sector-specific investment restrictions based on consumer welfare outcomes, and stronger cooperation with like-minded trading partners to address regulatory barriers in international markets.
Experts from the legal, academic, industry and policy sectors also participated in a panel discussion on India’s reform journey, investment climate, market distortions and future competitiveness in the global economy.
