This collection of essays deals with various aspects of economic reforms undertaken in India since the early 1990s with special emphasis on economic growth. The essays underscore the remarkably swift turnaround in the Indian economy from crisis condition in 1991 to good health by 1995. In this paperback edition, a new preface addresses issues of India's phenomenal economic growth in the last few years. The early chapters deal with macroeconomic policies and performance, external sector challenges and their management and tax reforms in India, and the economic consequences of these reforms. A significant discussion is on the political and institutional factors that were at work to initiate and sustain these reforms. The final chapters highlight six major areas for government action: fiscal consolidation; improving state finances to support social development; infrastructure reforms; industrial policy reforms, management of water resources; and improvement in law and governance.