Synopsis The journal is jointly promoted by the National Council for Applied Economic Research (NCAER) in New Delhi and the Brookings institution in Washington, D.C., with the objective of presenting high-quality empirical research on the major economic policy issues that confront contemporary India. The forum is supported by a distinguished advisory panel and a group of active researchers who participate in the review and discussion process and offer suggestions to the editors and the authors. Our objective is to make the policy discussion accessible to a broad nonspecialist audience inside and outside India. We also hope that it will assist in the development of a global network of scholars interested in India's economic transformation. The five individual papers included in this volume were selected by the editors and presented at a conference in Delhi on July 25--26, 2005. In addition to the working sessions, John Williamson, a member of the advisory panel, gave a public address on the topic "What follows the era of the USA as the world's growth engine?" The papers focus on several issues of great relevance to India's current economic situation. The first three papers involve issues of government fiscal and monetary policy: the implications of a large and sustained fiscal budget deficit, India's experience with tax reform, and the relevance of the inflation-targeting framework for Indian monetary policy. The fourth paper provides a detailed review of developments in labor markets and the distribution of income since the initiation of large-scale economic reforms in 1991. The last paper provides a critical assessment of policies aimed at promoting universal access to telecommunications services.