India climbs 25 places in global competitiveness ranking

Why in News?
India has moved up 25 places to rank 57th globally in 2023, compared with 82nd in 2010, in a competitiveness index assessing structural and pro-competitive reforms, according to a report by the Competere Foundation.

About the Report:

• The report is titled ‘India’s Next Growth Frontier: Reducing Anti-Competitive Market Distortions to Build on India’s 2010–2023 Reform Progress’.
• It assesses countries using the Market Distortions Performance Index (MDPI).
• The index evaluates three key parameters:
  • Protection of property rights
  • Domestic competition
  • International competition
• India’s improved ranking reflects progress in reducing market distortions and strengthening the competitive environment.
• Key reforms cited in the report include:
  • Goods and Services Tax (GST)
  • Insolvency and Bankruptcy Code (IBC)
  • Improvements in the regulatory framework
  • Trade facilitation measures
• The report also examines competition policy, investment conditions, digital markets and external regulatory barriers affecting India’s integration with global trade.

Recommendations:

• Adopt an evidence-based approach to competition policy.
• Review sector-specific investment restrictions based on consumer welfare outcomes.
• Strengthen cooperation with trading partners to address regulatory barriers.

Source: PIB

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