In a decade, the country could more than double its gross domestic product per capita-but only if its government and people act quickly and decisively.

India's gross domestic product is growing by an impressive 6 percent a year. But research by the McKinsey Global Institute has uncovered three barriers preventing the country's GDP from growing even faster: myriad regulations governing products and markets, distortions in the market for land, and widespread government ownership of business. Thirteen policy measures could remove these barriers, allowing the economy to grow by 10 percent a year. Although higher productivity would mean fewer jobs in some enterprises, many more jobs would be created in the economy as a whole. Net employment would increase.

The take-away
India's economy could be the fastest growing in the world - and the country's citizens twice as well off - if its policy makers embraced a deeper, faster process of economic reform.