India has made significant progress in improving its business and regulatory environment, climbing 25 places in global rankings for structural and pro-competitive reforms over the past decade, according to a new report released by the Competere Foundation. The report highlights the country's steady efforts to reduce market distortions, strengthen competition and implement key economic reforms that have enhanced its competitiveness in the global economy.
Titled "India's Next Growth Frontier: Reducing Anti-Competitive Market Distortions to Build on India's 2010–2023 Reform Progress," the report evaluates India's reform trajectory between 2010 and 2023 using the Competere Foundation's Market Distortions Performance Index. According to the findings, India improved its global position from 82nd in 2010 to 57th in 2023, reflecting sustained policy reforms aimed at creating a more efficient, transparent and competitive economic environment.
The report was unveiled during a policy discussion on "India's Reform Trajectory, Market Distortions and the Next Frontier for Growth and Competitiveness," organised by the Centre for Trade and Investment Law (CTIL) at the Indian Institute of Foreign Trade (IIFT) in New Delhi, in collaboration with the Competere Foundation for Trade and Competition Policy. The event brought together policymakers, economists, trade experts and legal professionals to examine India's reform journey and discuss the next generation of policy measures needed to sustain long-term economic growth.
The report attributes India's improved ranking to a series of structural reforms introduced over the past decade that have reduced inefficiencies, strengthened market competition and improved the ease of doing business. Among the most significant reforms highlighted are the implementation of the Goods and Services Tax (GST), which replaced multiple indirect taxes with a unified tax regime; the Insolvency and Bankruptcy Code (IBC), which created a time-bound framework for resolving corporate insolvencies; and a range of initiatives aimed at improving the regulatory environment and modernising trade facilitation systems.
According to the report, these reforms have helped simplify business operations, improve transparency, reduce transaction costs and strengthen investor confidence. The improvements have also enhanced India's ability to compete in global markets by making its regulatory and commercial environment more predictable and efficient.
The Market Distortions Performance Index evaluates countries across three broad pillars: protection of property rights, the level of domestic competition and the degree of international competition. These indicators measure how effectively governments minimise regulatory barriers, encourage fair market practices and facilitate open trade while protecting the interests of businesses and consumers.
Beyond structural reforms, the report also assesses developments in competition policy, investment regulations, digital markets and external regulatory barriers that influence India's participation in international trade. It notes that while substantial progress has been achieved, further reforms will be necessary to ensure India remains competitive as global supply chains evolve and international trade becomes increasingly technology-driven.
The report emphasises that future policy decisions should continue to be guided by evidence-based and outcome-oriented approaches rather than broad regulatory interventions. It recommends strengthening competition policy by focusing on measurable consumer welfare outcomes and ensuring that market regulations promote innovation, efficiency and fair competition.
Also read: ‘India could emerge as green energy exporter’
In addition, the study calls for a review of sector-specific investment restrictions to ensure they remain aligned with India's long-term economic objectives. It suggests that reducing unnecessary barriers to investment could improve capital inflows, encourage technological advancement and foster greater integration with global value chains.
Another key recommendation is for India to deepen cooperation with like-minded trading partners to address external regulatory barriers affecting exports and international market access. Strengthening collaboration on trade standards, regulatory alignment and competition policy, the report argues, would help Indian businesses compete more effectively in overseas markets while supporting the country's broader economic ambitions.
The Competere Foundation concludes that India's rise from 82nd to 57th in the global rankings reflects the success of its reform agenda over the past decade. However, it stresses that maintaining this momentum will require continuous policy innovation, stronger institutions and a commitment to reducing remaining market distortions. By building on the reforms already implemented, India can enhance its competitiveness, attract greater investment and unlock the next phase of sustainable economic growth in an increasingly interconnected global economy.
Follow us
