The joint report between the International Monetary Fund (IMF), World Trade Organization (WTO) and World Bank has stated that India's economic reforms and growth story provides compelling indication that openness in services contributes to long run growth performance. It noted that the reforms of the 1990s brought more openness, better regulation and greater investment, permitting Indian manufacturing firms to source services from a range of domestic and foreign providers operating in a more competitive environment.
The report titled ‘Reinvigorating Trade and Inclusive Growth' further said that manufacturers' access to better, more reliable, and more diverse business services enhanced firms' ability to invest in new opportunities and technologies, to concentrate production in fewer locations, to efficiently manage inventories, and to coordinate decisions with suppliers and customers.
Referring to a 2016 study, the report said that procompetitive reforms in banking, insurance, telecommunications and transport enhanced the productivity of both foreign and locally-owned manufacturing firms. It also said that other empirical studies support these findings, but also stress the significance of well-designed reforms accompanied by sound domestic regulation.