India Rises to 57th in Global Structural Reforms Ranking: Competere Report
UPSC / SSC current affairs note · Economy
Why in news
India has improved its global ranking from 82nd to 57th in structural and pro-competitive reforms between 2010 and 2023, according to a report by the Competere Foundation. The report was released at an event organized by the Centre for Trade and Investment Law (CTIL) at IIFT, New Delhi, highlighting India's progress in reducing market distortions and strengthening competitiveness.
Background
The Competere Foundation's report 'India's Next Growth Frontier: Reducing Anti-Competitive Market Distortions to Build on India's 2010–2023 Reform Progress' assesses India's performance under the 'Market Distortions Performance Index'. It evaluates market distortions based on three pillars: protection of property rights, domestic competition, and international competition.
Key facts
India's global ranking improved from 82nd to 57th in structural and pro-competitive reforms between 2010 and 2023.
The report is titled 'India's Next Growth Frontier: Reducing Anti-Competitive Market Distortions to Build on India's 2010–2023 Reform Progress'.
It uses the 'Market Distortions Performance Index' to assess India's performance.
The report evaluates market distortions across three pillars: protection of property rights, domestic competition, and international competition.
Key reforms highlighted include GST implementation, Insolvency and Bankruptcy Code (IBC), regulatory environment improvements, and modernization of trade facilitation systems.
The report emphasizes maintaining an evidence-based and impact-oriented approach to competition policy.
It recommends reviewing sector-specific investment restrictions in light of consumer welfare outcomes.
It suggests strengthening collaboration with like-minded trade partners to address regulatory barriers in international markets.
The report was released at an event organized by CTIL, IIFT, in collaboration with the Competere Foundation for Trade and Competition Policy.
The event featured discussions on India's reform trajectory, market distortions, and the next frontier for growth and competitiveness.
Prelims pointers
- Competere Foundation
- Market Distortions Performance Index
- Centre for Trade and Investment Law (CTIL)
- Indian Institute of Foreign Trade (IIFT)
- Goods and Services Tax (GST)
- Insolvency and Bankruptcy Code (IBC)
- Three pillars: property rights, domestic competition, international competition
Mains angles
- Discuss the significance of structural reforms in enhancing India's global competitiveness.
- Critically examine the role of competition policy in reducing market distortions and promoting economic growth.
- Evaluate the impact of key reforms like GST and IBC on India's business environment and international trade.