India climbs 25 places to 57th in global rankings on back of structural, pro-competitive reforms
New Delhi, 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.
— ANI
Reader Comments
I'm cautiously optimistic. We've seen rankings go up before, but ground reality for small businesses is still tough. The IBC and GST are good steps, but anti-competitive practices in sectors like telecom and e-commerce remain a concern. Let's see how much of this translates to actual ease of doing business.
Finally some good news! From 82nd to 57th is a massive jump. All those naysayers who said reforms wouldn't work should eat their words now. GST, IBC, digitisation of trade - it's all adding up. Proud of our government and bureaucrats. Keep it up! 👏
I work in trade compliance, and honestly, the improvement in customs and trade facilitation is visible. But we still have far too many licenses and approvals for small exporters. Competition policy needs to focus on breaking monopolies, especially in agriculture and retail. Good report, but implementation is key.
Impressive progress from India! As someone who tracks global markets, the reforms in property rights and IBC are genuinely world-class. However, the report rightly flags digital market distortions - India's data localisation and e-commerce rules need to balance consumer protection with foreign investment. Still, 57th is a great milestone.
It's all well and good, but what about the common man? Inflation is still high, jobs are scarce, and small farmers are struggling. Rankings don't put food on the table. Hope these reforms actually trickle down to the grassroots level. Otherwise, it's just a number on paper.
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