India was also behind in social development ranking 132 out of 175 nations in human development index of the UN development programme, Vittal said in a lecture at the HCM Rajasthan State Institute of Public Administration.

"Though our rank in the human development index this year is six places above the 1998 rank, still India is way below in this respect," he said.

"When it comes to competitiveness on the global economic front, according to the world competitiveness index, we rank (a low) fifty out of 53 countries," Vittal said.

"Corruption flourishes in the country due to red tape, complicated rules, lack of transparency in decision making," he said.