New Delhi, May 20 (KNN) India continues to lag behind in the World Bank’s ranking on the ease of ‘Doing Business’ for 2014, said a survey report released by Confederation of Indian Industry (CII) in partnership with KPMG.

In the latest rankings, India is placed at 134 against 131 in 2013 among 185 countries; lower than all its BRIC (Brazil, Russia, India and China) counterparts.

According to the report, despite being one of the fastest growing economies in the world and a potential investment hub, India lags behind in terms of ease of doing business.

The country continues to falter on various sub-indices such as starting a business, dealing with construction permits, getting electricity, registering property, paying taxes, trading across border, enforcing contracts or resolving insolvency.

There is an urgency to focus on improving the business environment and arrest the decline in relative performance against various determinants of investment attractiveness, the report said.

“Having an environment that facilitates entrepreneurship, promotes investments productivity and growth is critical for improving business climate in India. The ease with which this is achieved can be a source of strategic advantage,” said KPMG Chief Executive Officer Richard Rekhy on the findings.

Industry body CII said reforms in land acquisition, taxation and contract enforcement could lead to better business environment in the country.

"Indian industry hopes that the new government would accord due importance to this extremely important and urgent agenda that would help churn the wheels of investment and growth," said CII Director General Chandrajit Banerjee.

The report is based on a survey conducted amongst Indian industry followed with extensive primary and secondary research to assess the prevailing business regulatory environment in the country.  (KNN/ST)