About India, the report said the country declined on the rankings on four metrics -- trade freedom, technology, corporate tax rate and corruption.

In terms of trade freedom, India was ranked among the lowest at 125th position, while it was down to 118th on corporate tax rate front. In technology and corruption, the country slipped to 64th and 71st positions respectively.

Besides, India is ranked at the 107th spot in terms of monetary freedom, 90th on red tape basis and 54th on personal freedom front. The rankings are, however, better at 30th each on the basis of investor protection and innovation and 44th on intellectual property rights.

In terms of GDP growth, India ranks 14th among these 127 countries with a growth rate of 7.3 per cent, while China is fourth with 9.8 per cent growth. Azerbaijan has topped this tally with a 15.6 per cent growth rate.