New Delhi [India], July 30 : India's position in structural and global rankings has improved from 82nd to 57th as per a statement by the Ministry of Commerce & Industry.
The Ministry noted in the release, India has improved its position by 25 places in global rankings, moving from 82nd in 2010 to 57th in 2023, supported by structural and pro-competitive reforms, citing a report by the Competere Foundation -- India's Next Growth Frontier: Reducing Anti-Competitive Market Distortions to Build on India's 2010-2023 Reform Progress.
As per the release, this report assesses the country's reform trajectory using the Market Distortions Performance Index and attributes the improvement to sustained efforts to reduce market distortions and strengthen competition.
The Ministry said in the release that the report was launched at 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), Indian Institute of Foreign Trade (IIFT), New Delhi, in collaboration with the Competere Foundation for Trade and Competition Policy, at the India Habitat Centre.
The discussion examined India's structural reform journey, policy measures aimed at strengthening competitiveness and the next phase of reforms needed to sustain economic growth amid an evolving global trade environment, it noted.
According to the release, the report assesses market distortions across three key pillars: protection of property rights, domestic competition and international competition.
It highlights major reforms, including the implementation of the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC), improvements in the regulatory framework and the modernisation of trade facilitation systems. The report also examines developments in competition, investment conditions and digital markets, along with external regulatory barriers that affect India's competitiveness and participation in global trade.
"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 release said.