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India has registered a significant improvement in global market reform rankings, moving up 25 places between 2010 and 2023 as a result of major economic and structural reforms introduced over the past decade, according to a new report by the Competere Foundation.

The report, titled "India's Next Growth Frontier: Reducing Anti-Competitive Market Distortions to Build on India's 2010–2023 Reform Progress", shows that India has climbed from the 82nd position in 2010 to the 57th spot in the Market Distortions Performance Index.

According to the report, the improvement reflects the impact of policies aimed at promoting competition, improving the ease of doing business and creating a more efficient marketplace.

The findings were presented during a discussion on India's reform journey, market distortions and future growth opportunities. The event was organised by the Centre for Trade and Investment Law (CTIL) at the Indian Institute of Foreign Trade (IIFT) in collaboration with the Competere Foundation. ALSO READ: BMW to cut up to 8,000 jobs

The report attributes India's progress to landmark initiatives such as the implementation of the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code (IBC), trade facilitation measures and a series of regulatory reforms. These initiatives have helped strengthen competition and create a more favourable environment for businesses and investors.

The study assessed India's performance across three major areas: the protection of property rights, domestic competition and international competition. It also examined investment policies, digital market regulations and external trade barriers that affect India's position in the global economy.

While highlighting the country's progress, the report also emphasised the need for additional reforms to maintain long-term competitiveness. It recommended adopting an evidence-based approach to competition policy, reviewing sector-specific investment restrictions and strengthening partnerships with key trading nations to reduce regulatory obstacles.

The event began with an address by Dr. James J. Nedumpara, Professor and Head of CTIL, who underlined the importance of assessing India's reform journey in the context of changing global trade dynamics.

Former Union Government Secretary and current State Election Commissioner of Ladakh, Sudhanshu Pandey, delivered the keynote address, while Competere Foundation Chairman and President Shanker Singham presented the report's major findings.

Experts from the legal, academic, industrial and policy sectors also participated in the discussion, focusing on India's investment climate, competition policies and the steps needed to strengthen the country's economic growth and global competitiveness. ALSO READ: Tata Power Targets India's First Private Nuclear Power Plant by 2032-33