In the late 1980s, India seemed to have finally broken the shackles of the Hindu rate of growth. The reforms process begun in the early 1990s put the economy on a high growth trajectory, or did it? From the late 1990s, again the growth process faltered and then picked up momentum. While the latest Economic Survey is correct in stating that the economy has moved decisively to a higher growth phase, it is yet too premature to say what a sustainable growth rate in the near future is going to look like. This volume written by experts in this field provides a bird’s eye view of the growth experience in recent years.The essays start with a discussion on the growth experience in recent years. Then the composition of the government budgets is explored in some detail to examine the nature of fiscal imbalances. Since the generation of additional savings and channelling of savings into investment is a critical element in the whole process of growth, two essays deal with the nature of financial sector reforms in India and the current state of the financial system. The volume concludes with two essays examining the question of macroeconomic management in an open economy