Synopsis After pursuing an inward-looking development strategy with the state assuming an all important role for more than four decades, in 1990-91, in the midst of grave balance of payment crisis, India embarked on a comprehensive reform of the economy that would transform India from a controlled to a fairly open economy which is integrated with the world economy and in which the market would be given the prime role in the allocation of resources. The reforms of the ‘nineties saw some significant achievements. Decontrol of industries, external sector reforms, tariff reductions, financial liberalisation, etc. The state monopoly has been abolished in virtually all sectors. India has done away with quantitative restrictions. Our highest tariff rates have come down from 400 per cent to 35 per cent with the average rate declining to approximately 25 per cent. Now that ten years have passed, one may ask : Were the reforms done right ? Could they have been better ? What have been the flaws ? Where have we gone wrong ? What is to be the agenda for the second generation reforms ? This volume is an attempt to provide insights into these questions in the writings of eminent economists.