New Delhi, Feb 17 (KNN) According to a study conducted by the Organisation for Economic Cooperation and Development (OECD), India stood at 47th position in Services Trade Restrictiveness Index (STRI) for the year 2022.

However, there was an improvement from last year's ranking by one position, reported Mint.

India’s ranking reflects presence of huge market barriers in the country.

Russia slipped to 48th position in the index because of the ongoing Russia-Ukraine war.

The report highlighted the privatisation of Air India, elimination of pricing guidelines for transfers of shares between residents and non-residents, and restriction of foreign participation in certain services sectors.

Government policies in several sectors that define the ease of trading in those sectors and industries are taken into consideration for the STRI indices.

Based on these factors, STRI indices assign value to countries between zero and one.

A total of 38 OECD member countries and 12 non OECD members including Brazil, China, India, Indonesia, Kazakhstan, Malaysia, Peru, Russia, Singapore, South Africa, Thailand and Vietnam. The index include sectors like air transport, road freight cover, government regulations, etc.  (KNN Bureau)