India rises 25 places in competitiveness ranking, report says

The Story in Brief

India climbed from 82nd in 2010 to 57th in 2023 on the Competere Foundation’s Market Distortions Performance Index, according to a report released on Thursday. Livemint reports that the study credits reforms including the Goods and Services Tax, the Insolvency and Bankruptcy Code, business environment changes and trade facilitation measures for reducing market distortions. It estimates these changes lowered India’s projected five-year GDP per capita loss by 11 percentage points, equal to about a 1% annual gain. The report says foreign investment restrictions and digital competition rules remain obstacles, putting the cost of unresolved distortions at $173.6 billion over five years, or about 4.2% of GDP.

The Indian Opinion

The claim that reforms have solved India’s market problems is as overstated as the opposite claim that they achieved nothing. The report itself points to unresolved restrictions in foreign investment, retail and e-commerce, while its gains estimate comes from a policy foundation, not official national accounts. The useful test is whether easing these barriers brings more investment, productivity and consumer choice, rather than another ranking improvement alone.

Source: livemint.com

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