Update: Economic Times says:  While it takes close to 275 days to obtain a license for any venture in Mumbai, it takes only 159 days to get a license in Bhubaneshwar,…

Following is an excerpt from a report in Livemint.com.

The private sector lending arm of the World Bank, International Finance Corp. (IFC), on Thursday said India can greatly improve its business environment if the best practices, currently followed only in some cities, can be replicated across the country.

“India can jump 55 places if best regional practices (in 10 business areas) are adopted nation-wide,” IFC’s chief economist Michael Klein said at a panel discussion on the ‘Doing Business 2008 Report’ of the World Bank.

India is currently ranked 120 in the Doing Business Index.

The report pointed out that best domestic practices in the area of launching a business exists in Jaipur, dealing with licences in Bhubaneswar, registering property in Hyderabad, paying taxes in Bhubaneswar and Chandigarh, trading across borders in Chennai, enforcing contracts in Bhubaneswar and closing a business in Bangalore. These practices, if adopted by the entire nation, would significantly improve the business environment in India, he said, adding that the country’s ranking in 2008 survey went up by 12 places to 120.