India has advanced 25 places in global rankings, moving from 82nd to 57th position, reflecting significant progress in structural and pro-competitive reforms between 2010 and 2023 according to a report titled 'India's Next Growth Frontier: Reducing Anti-Competitive Market Distortions to Build on India's 2010–2023 Reform Progress' released by the Competere Foundation. The report assesses India's performance under its Market Distortions Performance Index and attributes the improvement to sustained efforts in reducing market distortions and strengthening competitiveness.
The report evaluates market distortions across three broad pillars: property rights protection, domestic competition, and international competition. It highlights specific reforms including the implementation of the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code (IBC), improvements in the regulatory environment, and the modernization of trade facilitation systems. The analysis also examines developments relating to competition, investment conditions, digital markets, and external regulatory barriers affecting India's competitiveness and participation in international trade.
The report was launched during a discussion on 'India's Reform Trajectory, Market Distortions and the Next Frontier for Growth and Competitiveness' organized by the Centre for Trade and Investment Law (CTIL) of the Indian Institute of Foreign Trade (IIFT) in collaboration with the Competere Foundation for Trade and Competition Policy at the India Habitat Centre, New Delhi. The event featured welcome remarks by Dr James J. Nedumpara, Professor and Head of CTIL, who highlighted the importance of assessing India's reform trajectory in the context of global competitiveness. The keynote address was delivered by Shri Sudhanshu Pandey, State Election Commissioner of Ladakh and Former Secretary of the Government of India, followed by a presentation of the report's key findings by Mr Shanker Singham, Chairman and President of the Competere Foundation.
The report emphasizes 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. A panel discussion brought together experts from legal, industry, academic, and policy communities to deliberate on India's reform experience, competition policy, investment climate, market distortions, and emerging challenges in international trade.