Synopsis This volume presents selected papers on macroeconomics and welfare, presented at the 40th annual conference of the Indian Econometric Society in 2004. Collectively they cover a wide range of issues related to economic reform, growth and equity. In particular, the book contains studies on exchange rate, interest rate, money demand and supply and monetary and fiscal policies, inflation and its relationship with growth at aggregate and sectoral levels, growth and distribution, pollution, environment, rural poverty, health care and micro credit. The analysis is done mainly through macroeconometric and time-series techniques. The basic purpose of these studies has been to evaluate the ongoing economic reforms and its impact on economic growth and welfare with special focus for the vulnerable sections of the population. The volume is expected to be of special interest to those who are keen to learn the applications of econometric techniques in analyzing economic growth, policy and welfare. It would also be useful to the policymakers for understanding the effectiveness of both macro and polices in the recent period.