Now Reading: India climbs 25 slots in global ranking on market reforms, tops G20 growth chart
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India climbs 25 slots in global ranking on market reforms, tops G20 growth chart
India climbs 25 slots in global ranking on market reforms, tops G20 growth chart
India has improved its position by 25 places in the Competere Foundation's Market Distortions Performance Index, rising from 82nd in 2010 to 57th in 2023, according to a report released on Thursday.…
The Story in Brief
India has improved its position by 25 places in the Competere Foundation's Market Distortions Performance Index, rising from 82nd in 2010 to 57th in 2023, according to a report released on Thursday. The study credits the Goods and Services Tax, the Insolvency and Bankruptcy Code, and business environment improvements for making domestic markets more competitive. It estimates that reduced market distortions have lowered India's projected five-year GDP per capita loss by 11 percentage points. Meanwhile, IMF data shows India became the fastest-growing major G20 economy between 2014 and 2026, with a compound annual growth rate of 6.1% in nominal dollar terms, overtaking China's 5.9%.
The Indian Opinion
Grand claims of India's economic miracle often ignore the cost of living crisis for ordinary citizens. The G20 growth crown is based on nominal dollar figures, which can exaggerate progress when the rupee weakens or inflation is high. The real test is whether a household's purchasing power has improved, not just a macroeconomic rank. Watch if GST simplification and eased foreign investment rules actually raise wages and create formal jobs, or if the benefits remain concentrated in a few sectors.
Sources (2): livemint.com, businesstoday.in
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
