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Look beyond ease of doing business. Economic freedom is India’s real path to Viksit Bharat

Economic freedom is one of the strongest drivers of growth and prosperity—but India ranked 88th out of 165 countries in the 2026 Economic Freedom of the World report.

In 1992, political strategist James Carville coined a phrase for Bill Clinton’s presidential campaign: “It’s the economy, stupid”. It captured the idea that a voter’s primary concern is their economic well-being. Politicians around the world regularly campaign by referencing the state of the economy or their economic plans for the future. In India, one such promise is Viksit Bharat by 2047: the aim is to make India a $30 trillion economy with a per capita income of $18,000 by that year.

India’s economy is currently worth $4 trillion, with a per capita income of $2,800. The country needs to grow by almost 10 per cent per year, in nominal terms, for 21 years to reach $30 trillion. India hit 10 per cent nominal growth in Q1 of 2026, but sustaining that rate for 21 years may prove challenging.

What changes does India need to make to become Viksit Bharat by 2047? One of the strongest drivers of growth and prosperity is economic freedom, but India performs poorly on this metric.

The 2026 Economic Freedom of the World (EFW) report, released last week by the Canada-based Fraser Institute, ranked India 88th out of 165 countries with a score of 6.62 out of 10.

The report highlights the strong link between economic freedom and GDP per capita.

The difference is stark; countries in the economically freest quartile earn 6.9 times as much as those in the least-free quartile. India ranks in the third quartile. To meet the Viksit Bharat target, India will need to undertake a reform journey that significantly increases economic freedom.

Also Read: A free economy needs controls, not a Control-Raj: MA Sreenivasan

Economic freedom as a measure of reform

The EFW report measures economic........

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