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India still not favourable for doing business: Survey

business Updated: Jun 30, 2009 21:29 IST

IANS
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India is still not very favourable for doing business and starting new ventures in the country is a "time consuming affair", a survey conducted by International Finance Corp (IFC), has said.

According to the survey, released here Tuesday at a business conference, India still faces several bottlenecks, including bureaucratic hurdles, in making its environment attractive for businesses.

The country has been ranked 122nd out of 183 countries by the survey.

"Red tapism and multiplicity of authorities are few bottlenecks that need to be addressed to do business in India more effectively," Penelope Brook, the acting vice-president of the financial and private sector development, World Bank Group, told the conference.

"Setting up a business in India is still a time consuming affair if compared with other nations," she said.

However, the IFC, an arm of the World Bank, said many Indian cities had improved over past few years.

Cities like Mumbai, Bangalore, Hyderabad, Noida, Gurgaon, Chennai and Bhubaneswar are now giving project clearances and construction permits at a higher pace, it said.