Russia is even more corrupt than India, ranking 86th on the corruption index, with a score of 2.7 out of 10.

The problems of corruption, a weak legal system, capital flight, and brain drain dog the Russian nation.

In IT-readiness, it ranks 63rd overall, with a score of 3.19.

After the breakup of the Soviet Union in 1991, Russia has struggled to establish a modern market economy, modernise its industrial base and maintain strong economic growth.

From 1992 to 1998, poor business climate, decline in living standards and failure to push through reforms hit Russia hard.

Conditions improved in 1999-2002, with annual output growing by an average 6% and progress in structural reforms.

People walk along Red Square in Moscow, November 18, 2003, with St. Basil's Cathedral in the background under heavy snowfall.

Photograph: Alexander Nemenov/AFP/Getty Images