India rises from 82nd to 57th in global rankings, in structural and pro-competitive reforms: Report by Competere Foundation

Why in news

India has improved its global ranking by 25 places, from 82nd to 57th, in structural and pro-competitive reforms between 2010 and 2023, as per a report by the Competere Foundation. This advancement is attributed to efforts in reducing market distortions and strengthening competitiveness.

Exam relevance

GS2, GS3 · Economy, Governance · Prelims · Mains

Key facts

1. India's global ranking in structural and pro-competitive reforms has improved from 82nd to 57th.
2. This improvement reflects progress made between 2010 and 2023.
3. The advancement is attributed to sustained efforts in reducing market distortions and strengthening competitiveness.
4. The report 'India's Next Growth Frontier: Reducing Anti-Competitive Market Distortions to Build on India's 2010–2023 Reform Progress' was released by the Competere Foundation.
5. The report assesses India's performance using its Market Distortions Performance Index.

Prelims pointers

• India's ranking in structural and pro-competitive reforms improved from 82nd to 57th.
• The improvement is based on reforms implemented between 2010 and 2023.
• The Competere Foundation released the report assessing India's progress.
• Key factors for improvement include reducing market distortions and strengthening competitiveness.

Mains practice question

Analyze the significance of India's recent improvement in global rankings for structural and pro-competitive reforms. Discuss the key factors contributing to this progress and suggest further measures to sustain and enhance India's competitiveness in the global market.

Static linkage

The report and its findings relate to India's economic reforms, trade policies, and efforts to improve its global competitiveness. This connects to broader themes of economic liberalization, structural adjustments, and the role of government policy in fostering a competitive market environment, as discussed in various economic and governance syllabi.

Significance

The improved ranking signifies positive progress in India's reform agenda, indicating a more favorable environment for trade and investment. It suggests that policy interventions aimed at reducing market distortions and enhancing competitiveness are yielding results. This can boost investor confidence and attract further foreign direct investment, contributing to sustained economic growth. However, continued focus on structural reforms is crucial to maintain this momentum in a dynamic global landscape.