Kolkata, Jun 17 (IANS): A senior US diplomat Friday quoting a World Bank report to say that corruption and lack of transparency posed major challenges to Indian companies.

"As the Indian government itself acknowledges, growth presents its own challenges... Other challenges mentioned by Indian and other companies include corruption and lack of transparency.

"India ranks 134 out of 183 countries on the World Bank's index of 'Ease of Doing Business'. I am confident that Indian policy makers and business together will overcome the challenges to unleash even greater growth to benefit all," said Robert Blake, the Junior Assistant Secretary of State Bureau of South and Central Asian Affairs.

The diplomat said that once the massive infrastructure upgrade that India had embarked upon was completed, it would vastly lower the transaction and time costs of doing business.

Blake, who was here to take part in a programme on India-US business links organised by the Confederation of Indian Industry (CII), said that the growth of the Indian economy had largely benefited the US.