In the latest Forbes Best Countries for Business list, India is placed well ahead of its prime competitors, China, in the 77th rank. The ranking is based on 11 categories and places China at the 90th rank. However, the sad part is for a nation that is the second fastest growing economy in the world, India lags behind several developing countries in terms of doing business. Close neighbors Sri Lanka and Pakistan were placed at 83rd and 92nd ranks respectively. 
In its fifth annual rankings, Forbes categorized the 128 nations of the world on the basis of property rights, technology, corruption, red tape, investor protection and stock market performance. Forbes commented on India's place in the rankings saying, "India is developing into an open-market economy, yet traces of its past autarkic policies remain." It added, "Economic liberalization, including reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the India's growth, which has averaged more than 7 percent per year since 1997."
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