India ranks 75th in world's best nations for business: Forbes | business | Hindustan Times
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India ranks 75th in world's best nations for business: Forbes

business Updated: Mar 19, 2009 20:09 IST

India has slipped 11 positions to be ranked 75th in a list of world's best countries for business, compiled by US publication Forbes, as the country lost ground in areas like trade freedom, technology, corporate tax rate and corruption.

The list has been topped for the second year in a row by Denmark, while India has moved down from its 64th position in Forbes' annual list, which ranks 127 nations on the basis of business climate in a country for entrepreneurs, investors and workers.

The US has moved up two position to be ranked second on the list. Besides, Canada and Singapore have moved up four spots each to number three and four respectively. Other countries in the top 10 this year include New Zealand, UK, Sweden, Australia, Hong Kong and Norway.

Three countries -- New Zealand, Australia and Norway -- are new to the top-ten this year, while three others -- Finland, Ireland and Switzerland -- have fallen out of this league.

"Sliding the most this year was Ireland (No. 14, down 12), which even saw plans for a Guinness mega-brewery shelved by parent Diageo as exports slowed," Forbes said, adding Uruguay, Armenia, Paraguay and Latvia also moved down considerably.

"However, tariff spikes in sensitive categories, including agriculture, and incremental progress on economic reforms still hinder foreign access to India's vast and growing market. Privatisation of government-owned industries remains stalled and continues to generate political debate; populist pressure from within the UPA government had restrained needed initiatives."

"The ballooning subsidies, amid slowing growth, brought the return of a large fiscal deficit in 2008. In the long run, the huge and growing population is the fundamental social, economic, and environmental problem," it added.