NEW DELHI, July 30 — India has significantly strengthened its position in global economic rankings, climbing from 82nd position in 2010 to 57th in recent evaluations, according to an official statement by the Ministry of Commerce & Industry. Citing findings from the Competere Foundation report titled India’s Next Growth Frontier: Reducing Anti-Competitive Market Distortions to Build on India’s 2010-2023 Reform Progress, the Ministry attributed the 25-place advance to sustained policy reforms and measures aimed at reducing market distortions.
The report, launched at a seminar organized by the Centre for Trade and Investment Law at the Indian Institute of Foreign Trade in New Delhi, evaluates economic performance using the Market Distortions Performance Index.
“The report also underlines 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,” the Ministry of Commerce & Industry stated in the release.
Key initiatives contributing to the rise include the Goods and Services Tax, the Insolvency and Bankruptcy Code, updated trade facilitation infrastructure, and regulatory updates across digital and domestic markets.
