India slips to 38th in WEF's global financial centre ranking

India has slipped to the 38th spot in the World Economic Forum's global ranking of leading financial centres, down from its last year's ranking of 31, while the western economies hit hard by the financial sector tsunami still continue at the top of the ranking.

In fact, the BRIC nations, except Brazil, have fallen in their rankings. Brazil has improved its standing to 34th position compared to last year's 40th.

China is down at 26th spot this year from its 24th place last year while Russia tumbled to 40th rank from previous year's 36th.

Last year's topper, the US, however, is down at the third position in WEF's Financial Development Report, while Australia has moved to the second spot in the rankings, which is topped by the United Kingdom.

Hit by the global financial turmoil, most of the nations in the list have seen their position falling compared to last year's, according to the WEF report that ranks world's 55 leading financial systems and capital markets.

The world's largest economies hit the most in the financial market turmoil continue to be the leading global financial centres as, according to the WEF, they are the drivers of financial system development and economic growth in both the developed and developing countries.