India Climbs from 82nd to 57th in Global Reform Rankings: Competere Foundation Report

As per the latest report by Competere Foundation, India has jumped to 25 spots upward from 82nd in 2010 to 57th place in 2023 according to the Market Distortions Performance Index. The report awards India for its continuous attempts to decrease the market distortions through the application of structural measures and pro-competitive reforms which include such essential initiatives as (GST) Goods and Services Tax, (IBC) Insolvency and Bankruptcy Code, regulatory changes and trade facilitation reforms. There findings highlight India’s emerging status as a competitor and investment friendly-prone economy and show what other reform actions should be taken in the future to have long-term growth prospects.

What Does the Report from the Competere Foundation Indicate?

The report named “India’s Next Growth Frontier: Enhancing India’s 2010-2023 Reforms through Competitive Market Reduction” assesses India’s progress in reforms for a duration of 13 years.

As per the report, India’s rise in global ranking is due to consistent policy reforms, which not only helped improve competition but also diminished inefficiencies and made the environment more transparent.

India’s Improved Global Position

Among the key advantages of the report is that there has been a significant improvement in India’s rank from 82nd in the year 2010 to 57th in 2023, which is defined as a change in position by as many as 25 places.

As per this report, this improvement could be attributed to the various reforms that have taken place in India’s regulations, making investment in India easier and building confidence among investors.

The advancement shown by India in its position also reflects that the country is working towards a more competitive economy that aims at attracting investments both from domestic and international investors.

Performance Measures Index of Market Distortion: Three Pillars

The report assesses the nation with respect to the following three metrics.

Protection of Ownership Rights

This pillar assesses the efficacy of legal systems employed to ensure protection of ownership rights, contracts and investments.

Domestic Competition

It assesses the degree of competition on the home market, efficiency of regulations and obstacles that restrict businesses.

International Competition

This pillar assesses openness in trade, external regulatory obstacles, and policies that affect the level of competition in the world.

India has shown improvements in these areas thanks to regular reforms introduced within the last decade.

Major Reforms For India’s Development

There are several important reforms have helped improve India’s level of competitiveness, says the report.

Goods and Services Taxation (GST)

GST has simplified India’s indirect taxation system by taking out numerous country and state taxes and using one single tax. This helps the ease of conducting business and lowers complexity in compliance.

Insolvency and Bankruptcy Code (IBC)

The Insolvency and Bankruptcy Code has considerably improved the whole process of owing money and therefore helps creditors boost their confidence.

Regulatory Reforms

With the help of many regulatory innovations, India has worked out many modifications in regulation that help simplify business operations, cut down compliance costs, as well as stimulate investments.

Trade Facilitation Modernization

The modernization referred to above in customs procedures and processes has made India integrate better into the global markets.

Launch of Report

The report was presented amidst a debate on “India’s Reform Journey, Market Discrepancies and the Emerging Growth and Competitiveness Phase.”

This event was jointly organised by the Centre for Trade and Investment Law (CTIL) of the Indian Institute of Foreign Trade (IIFT), New Delhi and the Competere Foundation for Trade and Competition Policy.

The event was done at the India Habitat Centre, New Delhi, and was attended by relevant stakeholders like policymakers, legal experts, academicians and members of the industry.