India has slipped three positions to 134th spot in the latest ‘ease of doing business’ list, which is topped by Singapore, according to the World Bank.

In the ‘Ease of Doing Business’ ranking of 189 economies, India has dropped from the 131st spot last year while Singapore continues to remain at the top.

Singapore is followed by Hong Kong and New Zealand at the second and third positions, respectively.

Other nations in the top ten are: the United States (4), Denmark (5), Malaysia (6), Korea (7), Georgia (8), Norway (9) and the United Kingdom (10).

India has been ranked lower at 179 in terms of ease of starting a business in the 2014 list at a time when its government is making efforts to improve the country’s business climate. Last year, based on this criteria India was placed at 177th spot.

The ranking of countries are based on various parameters including starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.

“The ranking on the ease of doing business, and the underlying indicators, do not measure all aspects of the business environment that matter to firms and investors or that affect the competitiveness of the economy.

“Still, a high ranking does mean that the government has created a regulatory environment conducive to operating a business,” the report said. India had earlier expressed concerns about the report.

Earlier this year, a World Bank-appointed independent panel of experts, in its review report, had suggested scrapping the ranking system with regard to ease of doing business.

More In: Economy | Business