The fourth World Bank-IFC report on "Doing business in 2007 -- How to reform," released last September, had pegged India as the leading reformer in South Asia, taking over the top spot from Pakistan.

However, the country was still way down at 134 on the list. Although reforms had improved India's ranking vis-a-vis 2005, the report said the country was 41 places behind China, which was reforming at a faster pace.

Official sources told Business Standard that the findings of the report had been taken "very seriously," with Cabinet Secretary B K Chaturvedi holding meetings with secretaries of the ministries concerned.

"We are keen that perceptions about India are not dented and the improvement in the business climate is reflected accurately," they said.

Four meetings of the Committee of Secretaries have been held on the issue, with at least nine departments, including economic affairs, revenue, shipping, commerce, financial sector, land resources, and small scale industry being asked to respond to specific issues raised in the report.

In their responses, departments like commerce and industry and revenue have questioned some of the findings. Another meeting is scheduled soon, at which the government hopes to finalise corrective measures.

The findings, official sources said, were based on just one sample -- of a warehousing facility in Mumbai. Though the government has not contested this sampling measure as it was adopted for all the 175 countries figuring in the report, it does feel that it is not representative of the ground reality.

Some of the key issues on which secretaries of the government have made presentations at the meetings include getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and registering properties.

"Although India has been pegged as the leading reformer in the region, the report has dropped the country's rank by one place on the issue of licences and by two places on property registration. While the report shows that we have improved on the parameter of starting a business, it says it is not easy to close a business. The Centre has been taking it up point by point and changes are being worked on," the sources added.