Prelims: Current events of national and international importance | Economy
Why in News?
Recently, the Competere Foundation released its report on “India’s Next Growth Frontier Reducing Anti-Competitive Market Distortions to Build on India's 2010–2023 Reform Progress”, highlighting India’s rise from 82nd to 57th in global rankings 2010–2023.
Market distortions – Pillars of Evaluation
- Property Rights Protection.
- Domestic Competition.
- International Competition.
Major Reforms Highlighted
- GST Implementation.
- Insolvency and Bankruptcy Code (IBC).
- Regulatory Environment Improvements.
- Modernisation of Trade Facilitation Systems.
- Developments in Competition, Investment Conditions, Digital Markets, External Regulatory Barriers.
Key Findings
- Progress – Significant reduction in market distortions; stronger competitiveness.
- Policy Approach – Importance of maintaining an evidence-based and effects-oriented approach to competition policy,
- Sector-specific Investment – Investment restrictions must be assessed in light of consumer welfare.
- Global Cooperation – Strengthen ties with like‑minded trading partners to address regulatory barriers.
Reference
PIB | Market Distortions Performance Index
