India, despite being one of the fastest growing economies in the world and a potential investment hub, still lags the world in terms of ease of doing business, says a joint study by Confederation of Indian Industry and consulting firm KPMG.
Sending out a clear signal to the government-in-waiting, the study has put India at the 134th position among 185 countries, lower than all its BRIC counterparts.
The report is aimed at improving India’s position in the World Bank’s "Ease of Doing Business" rankings, in which India has repeatedly been ranked low.
Richard Rekhy, CEO of KPMG India, said: "The vulnerability of our country’s current standing in the Doing Business index means that reforms in these areas have become critical."
The report identifies key areas for reform which will enable doing business in India, including setting up of business, land acquisition, taxation and contract enforcement.
Chandrajit Banerjee, director general, CII said, "Indian industry hopes that the new government would accord due importance to this agenda that would help churn the wheels of investment and growth."