India has climbed from 82nd to 57th place on the global Market Distortions Performance Index between 2010 and 2023, according to a new report from the Competere Foundation titled India’s Next Growth Frontier: Reducing Anti-Competitive Market Distortions to Build on India’s 2010–2023 Reform Progress. That 25-place jump, the report says, comes down to years of structural reforms that have chipped away at market distortions and made the economy more competitive overall.
Reforms behind the rankings jump
The report was unveiled at a discussion titled “India’s Reform Trajectory, Market Distortions and the Next Frontier for Growth and Competitiveness,” held at the Indian Institute of Foreign Trade (IIFT) in New Delhi and organised by the Centre for Trade and Investment Law (CTIL) alongside the Competere Foundation. The conversation centered on India’s reform journey so far, what’s helped competitiveness, and where policy needs to head next given how much global trade has shifted.
The index itself looks at three areas: property rights protection, domestic competition, and international competition. Among the reforms it credits are the rollout of the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code (IBC), a better regulatory framework, and updated trade facilitation systems. Beyond that, the report also digs into competition policy, investment conditions, digital markets, and the external regulatory hurdles that shape how India engages with global trade.
Where things go from here
Looking ahead, the report pushes for a more evidence-based, consumer-focused approach to competition policy. Specifically, it suggests revisiting sector-specific investment restrictions with an eye on what actually benefits consumers, and building stronger ties with like-minded trading partners to cut down regulatory friction and open up better access to international markets.
The event kicked off with welcome remarks from Dr. James J. Nedumpara, Professor and Head of CTIL, who spoke about why it matters to measure India’s reform progress against the backdrop of global competitiveness. From there, Shri Sudhanshu Pandey, currently State Election Commissioner of Ladakh and formerly a Secretary to the Government of India, delivered the keynote. Mr. Shanker Singham, who chairs the Competere Foundation for Trade and Competition Policy, then walked attendees through the report’s key findings.
The rest of the programme was built around a panel discussion, bringing together voices from law, academia, industry, and policy to talk through India’s reform experience, its approach to competition policy, the investment climate, ongoing market distortions, and the newer challenges cropping up in international trade. An interactive Q&A session followed, giving attendees a chance to dig deeper into specific points raised during the panel.
Key Takeaway: Taken as a whole, India’s move up 25 spots on the index says something concrete about the reforms it has pushed through over more than a decade, and the report treats this less as a finish line than a checkpoint. Its broader argument is that continuing to work on trade, investment, and competition policy will matter just as much going forward as the reforms already in place, especially if India wants to keep building on the competitiveness gains it has made so far rather than letting momentum stall.
MCQ’s:
1. According to the Competere Foundation’s Market Distortions Performance Index, India’s global ranking improved to which position in 2023?
A. 82nd
B. 65th
C. 57th
D. 45th
2. Which of the following reforms was identified in the report as contributing to India’s improvement in the Market Distortions Performance Index?
A. Goods and Services Tax (GST)
B. Insolvency and Bankruptcy Code (IBC)
C. Trade facilitation reforms
D. All of the above
Read more: Aquaparks Expansion: PMMSY Approves 12 New Hubs to Boost Seafood Growth
