Despite significant advancements in its economic prowess and future prospects, India’s sovereign ratings have persistently lingered at the bottom tier of the investment grade for an extended period. Hence, when JP Morgan announced last year that it will include India in its widely tracked emerging markets bond index, the word on the street was about an expected upgrade of the country’s credit. Similar excitement surrounds the recent proposal to include India in Bloomberg Emerging Market Local Currency Index. However, the current tussle over handouts gaining steam between political parties to win governance, also being called as the “freebie politics”, may spoil the party for the Indian economy.