Synopsis Contents: Editor's note. 1. The labour market in India: a survey of some contemporary issues/Saibal Kar. 2. Macroeconomics and sustainable accounting of resources and income/Ramprasad Sengupta and Shalini Saksena. 3. Liberalization of Government procurements: welfare effects of foreign entry/Ngo Van Long. 4. The extent of exchange rate flexibility in India: Basket Pegger or Closet US Dollar Pegger?/Tony Cavoli and Ramkishen S. Rajan. 5. The role of foreign firms in India over the past half century: retrospect and prospect/Sumit K. Majumdar.