While India is ranked 119 on the Human Development Index (HDI) among 169 countries -- above Pakistan and Bangladesh which are ranked 125 and 129, respectively -- it lags behind the two on certain development indices.
According to the report, life expectancy at birth in India is 64.4 years, while in Pakistan it is 67.2 years. In Bangladesh, life expectancy is 66.9 years.
Similarly, mean years of schooling in India is 4.4 years while in Pakistan and Bangladesh it is 4.9 and 4.8 years respectively.
Sri Lanka, which is ranked above India on HDI at 91, also fares better than India on the two indices. Its life expectancy at birth is 74.4 years and mean years of schooling is 8.2 years.
On some positive note, in terms of growth of income, India is considered one of the top 10 countries. China is on the top position in this index.
Finance Ministry's chief economic advisor Kaushik Basu, who was present at the India launch of the report, said: "India has a lot of catching up to do. There is scope to do so much better."