Its good news for all the country men in India that they are better placed than nearest rivals China and Russia in corruption according to a study. In this study, India has been ranked below these two BRIC countries. Global credit rating agency Fitch revealed its analysis on countries.

However Fitch report also says that India is far behind these countries in investor friendly regulations. India's tax laws and policies often hinder foreigners to look India as a desired investment destination. According to Richard Hunter, Managing Director for Corporate Rating, Fitch Group, India is 'certainly' ranked below Russia and China in their corruption index. But the matter of concern is India's regulations are not enough friendly.

This rating may be a big relief for the Prime Minister. PM Manmohan Singh is trying his best to eliminate corrupt politicians and officials behind variety of corruption cases that include Adarsh Housing Society scandal to Commonwealth Games to 2G spectrum allocation among others.

But the Fitch official said that less corruption in India is not alone able to win investor's heart. They are also highly concerned about bulky regulations in India. He said China loses big on investment front because of corruption. This should be considered as an honor for legal system in India.