India slipped two notches to 122nd rank, below neighbours including Nepal, Bangladesh and Pakistan in the 'Doing Business Report 2009' prepared jointly by the International Finance Corporation and the World Bank.
The report which ranks the country on the basis of ease of doing business has placed Nepal above India at 121st position, Bangladesh at 110th place and Pakistan at 77th place in the overall ranking.
The 2008 report had ranked India at 120th position, while Pakistan was at 74th place.
Singapore retained the first place in ranking, which covered 181 countries of the world that provides quantitative measure of regulation for starting a business, getting credit, paying taxes, enforcing contracts and closing a business.