The Forum of Free Enterprise is a non-political organization founded in 1956 by A. D. Shroff and has been established to educate public opinion in India on free enterprise and a democratic way of life. The Forum publishes booklets to further its objects. The following booklet titled “The Challenge Of A Free Economy” was published on June 15, 1991, and was authored by S.M. Datta. Datta opines that efficiency and competitiveness are the two universally recognised hallmarks of a free economy. He goes on to critically examine the model of development followed by India which prioritized social justice and equity over free enterprise but ended up achieving neither of them. He argues that the Indian planning process appears to have been based on certain assumptions like the market mechanisms are imperfect and the state possessed perfect wisdom of choice and information. This resulted in the state initiative being ultimately degenerated into bureaucratic proliferation and inefficient systems. Datta concludes by suggesting measures like transforming the Public Sector into an engine for growth, promoting investment by easing restrictions and regulations and dismantling the barriers against the inflow of foreign capital.