India's global rankings improve significantly, now 57th
NATIONAL: India's global rankings have improved significantly, climbing 25 places from 82nd to 57th. The progress has been incorporated in the report titled "India's Next Growth Frontier: Reducing Anti-Competitive Market Distortions to Build on India's 2010–2023 Reform Progress" by the Competere Foundation. This advancement reflects substantial strides in structural and pro-competitive reforms enacted between 2010 and 2023 particularly in reducing market distortions and enhancing competitiveness according to the Market Distortions Performance Index.
Launched at a discussion event organised by the Centre for Trade and Investment Law (CTIL) alongside the Indian Institute of Foreign Trade (IIFT), the report examines India's reform trajectory and stresses the necessity for continued policy measures to boost competitiveness in a changing global trade landscape. The discourse focused on the structural reform journey and the next steps required to maintain growth and address emerging challenges.
The report assesses market distortions through three primary pillars: property rights protection, domestic competition, and international competition. Key reforms highlighted include the implementation of the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code (IBC), along with improvements in regulatory environments and trade facilitation systems. It scrutinises developments in competition, investment conditions, digital markets and external regulatory barriers affecting India's global trade participation and competitiveness.
Opening remarks were made by Dr James J Nedumpara from CTIL, who underscored the importance of evaluating India's reform trajectory concerning global standards. Sudhanshu Pandey, State Election Commissioner of Ladakh, delivered the keynote address, followed by Shanker Singham's presentation of the report's findings.
The report calls for a robust, evidence-based approach to competition policy, encouraging a review of sector-specific investment restrictions focused on consumer welfare. It also suggests enhancing cooperation with allied trading partners to mitigate regulatory barriers in international markets.
The panel discussion featured experts from various fields—legal, industry, academic and policy—who addressed India's reform experiences and the role of competition policy in fostering a conducive investment climate. The event concluded with an interactive session drawing a diverse audience interested in strategies to enhance India's competitiveness and global economic integration.